Extract from the Real Estate Business Bulletin - “The likelihood of making a gross profit or loss is quite different, based on the length of time a property has been owned,” said Mr Lawless. “As a stark example, of those homes that were purchased prior to 1 January 2008 (pre-global financial crisis) and were subsequently sold during the March quarter of this year, only eight per cent of resales were made at a gross loss.” According to Mr Lawless’ findings, resales that incurred a gross loss over the March quarter had an average length of ownership of just 4.8 years. Properties that recorded a gross profit were held for an average of 9.7 years, while those homes that recorded a gross profit of more than 100 per cent were owned for an average of 15.4 years.
Posted on: Fri, 21 Jun 2013 02:44:51 +0000
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