RESIDENTIAL PROPERTY
WHILE Australian homeowners are making more profit when they sell, they are moving less often as a lack of housing affordability and transactional costs...
According to Domain’s inaugural Tenure and Profit Report, tenure has lengthened in many Australian cities as people choose to move less frequently...
The median tenure for houses in Australia is now at nine years compared to seven years in 2013. With the median tenure for units at eight years compared with...
The report highlights the variability between different cities and property types reveals a market’s dynamics, including affordability stakes, demographic flows and...
Sydney, Perth and Canberra all have a median house tenure of 10 years. While Melbourne, Brisbane and Adelaide each have a house tenure of...
Property price cycles can be significant factor pushing tenure higher or lower, as homeowners delay or accelerate selling decisions depending on if...
“The lengthening tenure reflects the reality of significantly stretched and highly leveraged household budgets,” said Nicola Powell, chief of research and...
Furthermore, when you consider the transactional costs associated with buying and selling a home, such as conveyancing and stamp duty, it’s no surprise that...
For units, Melbourne and Perth had a median tenure of nine years, Sydney and Adelaide for eight years and Brisbane and Hobart for seven years...
Domain also noted a trend of “stamp duty bracket creep” where homes are falling into higher stamp duty rate categories, contributing to misallocation of...
With 65% of homes owned outright having two or more spare bedrooms, compared to 22% of privately rented dwellings...
“Additionally, it’s estimated that around 640,000 Australians are living in housing stress. This mismatch exacerbates the ongoing housing...
Meanwhile, when homeowners do sell, they are making more profit, with 97.8% of houses reselling at a profit and 91.7% of units...
“Across Australia, property sellers have walked away with a significant dollar uplift compared to their initial purchase price. The proportion of profitable...
“However, in certain localised areas, the landscape may appear different, as some motivated sellers might be more inclined to accept a...
Australia’s smaller capitals seeing the highest proportion of profitable resales Canberra at 99.4% and Adelaide and Hobart at 99.2%...
Percentage of profit-making resales were high across the board, with Brisbane at 98.3%, Sydney at 95.1%, Melbourne at 94.6% and...
Sydney house sales were seeing the largest median dollar gain at $410,000, followed by Canberra at $409,550 and Melbourne at...
With Hobart seeing the strongest return for units at $220,000, followed by regional NSW at $192,500 and regional Victoria at...
The gain for regional Victoria units was more than double Melbourne units, reflecting the demographic shift in regional areas spurred on by the...
“The profitability is anticipated to remain strong, aligning with the ongoing price improvements, just in time for the spring selling season,” concluded Powe.