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Property sellers reaping big gains

Real estate & property news
27 April 2024
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There are a lot of different statistics that float around that try to provide insights into the property market from one month to the next. Sometimes those stats can provide quite different perspectives on what, at first glance, can seem like the same sources of information.

However, for those that might be feeling slightly confused about what the property market in Australia is doing right now, we came across some numbers from Corelogic this week which provide some very clear indications of what’s been happening to property prices recently.

In case you haven’t come across it before, Corelogic releases a report every three months called ‘The Pain and Gain Report’. This report looks into property sales around the country over the previous quarter and compares the price a specific property sold for against the price the vendor purchased it for. So it compares “apples with apples” rather than trying to track market trends.

Corelogic’s latest report examined around 90,000 property sales, and found that over a three month period:

  • Roughly 94 percent of properties sold for more than they were purchased for;
  • Including 97 percent of house sales selling at a profit; and
  • The median profit margin on these sales was around $310,000.

One of the key figures that came out of this report was that for properties that sold for a premium, the median holding time for these sales was close to 9 years. Of the 3 per cent of houses that sold at a nominal loss, the holding times tended to be much less.

Key numbers like these will be positive news for those homeowners in the City of Hume who may be weighing up making a mover this year. However, it’s important to remember that the most important asset you can have when maximising your sales result is good advice and a good marketing plan.

So if you would like an obligation-free chat about your options and how you can make the most of the current market conditions, feel free to give us a call this week at Barry Plant Gladstone Park on 9330 1088.

Best wishes,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park

Real estate & property news
27 April 2024
Save Article

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