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Would you settle on the busiest day of the year?

Posted on 14/02/2018 by SuperUser Account

The biggest day of the year for Australia’s property industry

Today, four times as many property transfers will take place in 24 hours than usually take place in an entire week, as buyers prepare to spend the holidays in their new homes.

In a normal week, GlobalX chief executive Peter Maloney would expect to see 5000 properties changing hands throughout Australia. Tomorrow, 20,000 transfers will take place.

Mr Maloney said it was a combination of the spring selling season and rush to be in a new home by Christmas that caused the spike.

“The week before Christmas is the biggest week for transferring property between people in Australia,” Mr Maloney said. “Property lawyers and conveyancers will be working up to the last minute on Christmas Eve.”

As it turns out, the oft-repeated truism that spring is a good time for selling and people want everything settled before Christmas has some basis in fact, Mr Maloney said.

“Weather has such a large part to play in it. When the weather changes, the best time to sell property is September, October, to November,” he said. “And everything has a 30 or 60 day settlement period so it’s done before Christmas.”

Read more at Domain.com.au