Approximately 95 per cent of Brissie houses sold for more than the seller originally paid, according to the latest quarterly CoreLogic Pain and Gain Report.
This puts us ahead of the national average of 90 per cent. So how do you make a property profit? Time in market helps, and nationally the median period of ownership for all profitable sales was 9.5 years, whereas loss-making resales were held for a median 6 years.
While Brisbane house owners were happy, unit holders didn’t celebrate quite so often, with two-thirds selling at a profit, meaning one in three sold for a loss. This is below the national average where roughly four-out-of-five unit holders sold for a profit. But with the Brissie unit market tipped for an upswing in 2020, the pain should ease somewhat from here.
Regionally, the Scenic Rim (93.6 per cent), Moreton Bay (90.8 per cent) and Redland (90.4 per cent) all performed strongly in terms of overall resales that returned a gross profit, while the Lockyer Valley (82.9 per cent) saw far fewer profitable sales. The Brisbane city council area clocked up 86.5 per cent.
Across Australia, the sellers who pocketed the most frequent profits were in Hobart where 98.1 per cent of all properties sold for a profit over the three months to September 2019.
Spare a thought for sellers in Darwin where only one in every two properties sold for a profit, while regional Western Australia (56.9 per cent) and Perth (63.6 per cent) didn’t perform much better.
Want to make your move in a profitable market? View our current listings for sale or talk to us about selling.
