This means that it can be quite challenging, particularly for those that may be new to the property world, to work out which sources you can rely on, and which ones you can’t. Of course, you also need to understand what the numbers actually mean when you are weighing up general market trends against more specific data about your local area or property interests.

With this in mind, we saw some data this week that will be of interest to anyone thinking of selling in 2024, as it comes from a trusted source and uses a broad pool of data that provides a good level of credibility and relevance.

In case you haven’t heard of it before, the market analysts at Corelogic released a report every three months called ‘The Pain and Gain Report’, which digs into quarterly sales data across the country to look at how many residential property sales are selling for more than that specific property was purchased for, and how many are selling at a nominal loss.

The report for the December quarter of 2023 has been released, looking into around 90,000 property sales. It shows that during that three month period:

• Around 94 percent of properties sold for more than they were purchased for;
• Including 97 percent of house sales selling at a profit;
• The median holding time for these sales was close to 9 years; and
• The median profit on sale was around $310,000.

Importantly, despite the challenges of higher interest rates and cost of living concerns, these numbers were UP on the previous quarter.

Key market statistics like these will certainly be good news for all those local homeowners who may be weighing up making a mover this year, but keep in mind 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, you can give us a call this week at Barry Plant Thomastown on 9466 3233.

Cheers,

Con Constantinou

Barry Plant Thomastown