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New figures from RP Data reveal the number of profit-making resales of properties across Australia improved during the December quarter.
In Adelaide every sale in Walkerville council came at a profit for the owners during the December quarter. So congratulations to home owners there!
Queensland’s far north was the worst performer with 28.8% of all sales during the December quarter selling for less than the owners originally bought.
More than a fifth of property sales during the quarter in regional Queensland were at a loss, and regional Western Australia wasn’t much better.
In Brisbane, Adelaide, Hobart and Darwin, homes which resold between three and five years after purchase were most likely to sell at a loss.
The average time to own a property before selling for a profit was 9.9 years, but according to the RP Data stats, if you want to double your money you need to live there for about 16 years.
Professionals Real Estate CEO, Ted Piteo, said the 16 year stat didn’t surprise him, as most real estate professionals take the view that property should be viewed as a long-term investment.
“Sometimes luck does come into it. People can buy in an area at a low entry point and find they’ve timed the perfect price curve. But that doesn’t happen often,” he said.
Homes bought before the Global Financial Crisis (January 1, 2008) which sold in the December quarter generally sold at a profit. But 17.6% of properties bought after that date and sold in December were for less than originally paid.