The first blossom buds have begun to bloom along Lake Burley Griffin and puffer jackets are increasingly sparse.
It can only mean two things: spring is near and with it the typical uptick in Canberra's property listings.
But it could be a tale of two property markets in the territory as we head into the season, making it crucial for sellers to consider whether to wait longer before listing.
Some of Canberra's top estate agents revealed their predictions for spring 2024.
Demand for houses
The market for houses in Canberra has remained strong across winter and is expected to continue that way into spring.
CoreLogic data showed a three per cent growth in the median Canberra house value to July 2024, with an average of sale of $984,894.
This capital growth is expected to continue into the following season, making spring 2024 an ideal time to sell your house in the territory.
Belle Property agent Alexander Smout said he believed the strong house market was partly due to investors offloading properties.
"Right now where land tax sits, it doesn't make sense to hold investments. A lot are being sold," he said.
Conversely, Blackshaw Canberra estate agent Debbie Madigan said she was seeing an uptick in families hoping for land or a larger dwelling, than what most Canberra apartments offered.
"People are buying and selling in the same market," she said, noting many young families were upgrading from apartments given interest rates have not risen since November 2023.
This trend was coupled with a limited numbers of new, Canberra-based investors in the market, according to Mr Smout.
Many buyers are likely to be on the hunt for places with sizeable land they can live in come spring.
That means suburbs like Yarralumla, Forrest and Red Hill, along with Canberra's outer northern suburbs like Forde, Casey and Amaroo, could be in demand according to Mr Smout.
But despite a strong housing market going into spring, he warned against selling properties bought after 2021 where possible in the next season, as profit margins were set to be smaller than on COVID-19 era sales.
"I'm getting called to a lot of properties now valued [at] what they were purchased for or below," Mr Smout said.
If you are choosing to do this, you many consider investing some money into renovations to ensure the house is turn-key ready.
"People are appreciating the time, effort and money that goes into renovating a property to be fully liveable," Mr Smout said.
The marketing of houses will be more important than ever in the coming season.
Ray White Canberra sales director Jake Battenally said unlike spring market stereotypes, simply having a garden in "great condition" would not be enough to ensure a quality sale.
"Everyone's garden will be looking good, so it's important to stand out," he said.
"Homes that are well-presented will always perform best, so meeting with your agent ahead of time so ensure you are focusing on the best areas is the ideal approach."
Mr Smout said given the climate of the upcoming season, well-presented houses fit for a buyer to move in present the perfect opportunity for sellers to "play hard ball".
Hanging on to apartments
Conversely, you may want to think twice before listing an apartment for sale this spring.
CoreLogic's head of research Eliza Owen said Canberra was in the a "two-speed market" over the coming months as apartment prices remained relatively low compared with the capital gain of houses.
Investor growth across Canberra apartments has been weak in winter 2024, she said, which is likely to extend into spring.
"That's partly because there is an influx of new apartment projects which has kept growth fairly slow in that segment of the market," she said.
This was reflected in CoreLogic's July home value index in which the value of units decreased by 1.6 per cent in the month to a median value of $583,073.
Across the 12 months to July 2024, the decrease was 2.8 per cent.
Combine these factors with an uptick in young families opting for regional land instead of smaller Canberra dwellings, and the market for unit sellers does not look favourable come spring.
"We are in an environment now where we have a relatively high interest rate setting and economic conditions are weakening against that," Ms Owen said.
"That could temper the spring selling season, particularly for apartment owners."
Property collective estate agent Lauren Lang particularly warned owners in outer suburbs like Phillip, Bruce and Gungahlin to hold onto apartments over spring if possible.
"Anyone who bought pre-COVID is making money," she said. "But those who bought later should wait - especially for apartments."
You may have better luck if selling an apartment in the inner south, particularly around the Parliamentary Triangle, where the market looks to remain hot.
