How Festive is the Property Market?
Christmas is a special time of year when family, friends, and loved ones come together to celebrate. But, for many Australians, the festive season is also when they start thinking about the year to come, their property portfolios and making some much-needed changes. Here at PRD, we’re no different. So whether you’re looking to buy your first home, upgrade to something bigger, or downsize now that the kids have left home, the Christmas period is a great time to start exploring your options.
That being said, it’s also important to be aware of how the real estate market tends to fluctuate during this time of year. The Australian Bureau of Statistics shows that the November through January period has over a 21% increase in product-based spending, leaving little room for major financial decisions. So here’s a quick overview of what you can expect in the lead-up to Christmas and beyond.
One of the most significant changes you’ll notice in the lead-up to Christmas is a slowdown in the number of properties hitting the market. This is because many people prefer to wait until after the holiday period is over before listing their home for sale. As a result, there are often fewer properties to choose from during this time of year. However, this can also work in your favour if you’re looking to negotiate a better price for your dream home.
The spring correction:
Another factor that can impact the real estate market around Christmas time is what’s known as the “spring correction”. This is when prices start to cool off after hitting peak levels during springtime. While this correction can lead to some properties taking longer to sell, it also provides buyers with more negotiating power. So, if you’re patient and willing to wait for the right property, you may be able to snag yourself a bargain during this period.
Another thing to keep in mind during the lead-up to Christmas is that consumer confidence tends to dip at this time of year. This is due to a combination of factors, including the ever-increasing interest rates causing tighter budgets as people prepare for the festive season. As a result, many people are reluctant to make significant financial decisions like buying or selling a property during this period. However, if you do your research and feel confident about making a move, there may be some great opportunities available.
All in all, Christmas is an exciting time of year for those looking to buy or sell property. While there may be some challenges associated with making a move during this period, there can also be some great opportunities available if you’re willing to do your research and be patient. So if you’re thinking about making a change this Christmas, talk to our team at PRD. It’s never too early to start the year off on the right foot, enter the market strong and Buy Smarter with PRD.