Could you use an extra $285,000?
The old expression that “time flies” has rarely been more evident, particularly for those homeowners considering making a move in 2024, than the realisation that this year’s Spring market is now close to its halfway point!
Yes, that’s right, there are now just seven weekends left before Spring becomes Summer, and people’s focus starts to ever-so-gently turn towards the holiday season.
So, if you are one of the many Melbourne residents who are weighing up your property options, I thought this might be an ideal time to share some “pain and gain” perspectives with you.
Now, before you panic, I’m talking about the Pain & Gain Report that is produced each quarter by Corelogic. If you haven't come across this one before, it’s an analysis that looks at property sales data every three months, and the latest edition from the second quarter of 2024 makes interesting reading.
This document looked at around 91,000 Australian property sales, comparing the price that the property sold for in 2024 with what the sellers paid for it back when they purchased it.
Corelogic found that property sellers during this three month period enjoyed a median nominal gain of $285,000, which was the highest median margin recorded in these reports since they began tracking this statistic back in the early 90’s.
The report found that 94.5 per cent of property sales recorded a nominal gain. As tends to be the case,
those selling a house were more likely to record a profit in comparison to those selling a unit. Only 2.8 per cent of house sellers recorded a loss, whereas just over 10 per cent of unit sellers saw their price drop.
As you would expect, one of the key factors that influence these results is the average hold time of a property, with profitable sales tending to average longer hold times than those who sold at a loss.
Numbers like these will be good news for local homeowners who may be considering selling before the end of 2024. However, keep in mind that the key ingredients to any sale that maximises your result are experienced advice and clear guidance.
So if you would like an obligation-free chat to discuss your options, and how you can make the most of the current market conditions, give our team at Barry Plant Thomastown a call this week on 9466 3233.
We’d be only too happy to help.
Regards,
Con Constantinou
Barry Plant Thomastown