With the Spring property market now well under way for 2024, some new figures from Corelogic suggest that the majority of property sellers have been achieving results this year that are exceeding all previous records.
The latest edition of Corelogic’s ‘Pain and Gain Report’ took an in-depth look at around 91,000 property sales in the second quarter of this year and found that property sellers during this three month period enjoyed a median nominal gain of $285,000 from property resales. This was the highest median margin recorded in these reports since they began back in the early 90’s.
The report found that 94.5 per cent of property sales recorded a nominal gain, (comparing the price the vendor purchased the property for against what their recent sale price).
As tends to be the case in these reports, Corelogic found that 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.
Not surprisingly, 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.
Clearly, numbers like these will be good news for Victorian homeowners who may be considering selling before the end of 2024. Keep in mind, however, that the key ingredients to any sale that maximises your result are experienced, objective advice and a clear plan.
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 Ian Reid Buyer and Vendor Advocates a call this week on 9430 0000.
You’ll also find lots of helpful tips for vendors in our free booklet, ”FATAL REAL ESTATE TRAPS EXPOSED”, so be sure to download a copy while you’re here.
10/24/2024 
