New vendor data shows interesting sales trends
26/7/2024
Record property prices are proving to be good news for sellers, with 94.3% of all vendors in the March quarter selling their home for more than they’d originally paid, according to CoreLogic. That was the fourth consecutive quarterly increase and the highest share since 2010.
However, the share of vendors who made a gross profit varied significantly from capital city to city, reflecting different market performance.
Another significant finding was that house owners were more likely to record a profit than unit owners, by a share of 97.1% to 89.0%.
Also, there was a clear link between the amount of time someone had owned a home and the size of their profit. Vendors made a median profit of $82,000 with a hold period of up to two years, $275,000 for up to 10 years, $435,000 for up to 20 years and $780,000 for up to 30 years.
