The most profitable month for Melbourne buyers has been revealed in new data from PropTrack which analysed sales from 2013-2022. Picture: NCA NewsWire / David Crosling

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October is the most profitable time to sell a home in Melbourne, with a typical house hitting the market this month about $23,000 better off than those who list in July.

The days between the AFL Grand Final and the Melbourne Cup add up to $10,500 (1.14 per cent) to sale prices for a $917,000 median priced house, according to new research from PropTrack analysing the average across the year.

It found November was the next best time, with an $8900 (0.97 per cent) uptick, followed by March, at $7600 (0.83 per cent).

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But senior economist Paul Ryan said buyers who could find a home that met their needs in the depths of winter could save about $12,500 (1.36 per cent) if they purchased in July.

“For buyers the best time is winter, in July, but there’s a bit of a trade off as well because there’s less stock on the market, but there are also less buyers looking,” Mr Ryan said.

“So while it might be cheaper, there’s less choice.”

Mr Ryan’s analysis tracked sale prices from 2013-2022 and corrected for quality of housing shifting by tracking home sizes as well as bedroom numbers, though he noted a higher prevalence of renovated homes selling spring could have impacted the figures.

“What this shows is that there’s a weight of demand, housing is a bit about co-ordination,” Mr Ryan said.

PropTrack economist Paul Ryan.

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“A lot of people time their plans around spring and this forces competition in October and November.”

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However, the benefits quickly disappear once summer hits, with December likely to leave sellers no better or worse off than the average.

Nicole Jacobs Property buyer’s advocate Nicole Jacobs said the figures made sense, with October one of the few months when the weather and gardens were in good form and there were no interruptions from school holidays or major events.

Ms Jacobs said while agents often encouraged sellers to consider July when relatively fewer listings meant they would have better odds of a deal, the PropTrack data suggested having the garden in full bloom was important to build an emotional connection with buyers.

On the flip side, July was the best month for budding Melbourne buyers to potentially nab a home at a discount.

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She added that buyers might save in July, but noted their first goal should be to find the right home.

“Don’t worry about what month it is, if it’s the right home it’s the best time to buy,” Ms Jacobs said.

She also advised waiting for a home to “go on sale” at a later month as it was likely it would be gone.

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