Aussies held on to their properties for an average of 9.9 years according to the most recent CoreLogic Pain and Gain Report this was up from 9.2 years from the previous quarter.
In Brisbane, profit-making sales were held for an average of 9.1 years for houses and 8.1 years for units. Whereas loss-making sales were held for an average of 1.7 years for houses and 8.4 years for units.
During periods of downturn, the data shows that hold times can increase as property owners try to ride out the price drop and sell as the market picks up again.
In the downturn between 2017 and 2019 hold times peaked at a high of 10.7 years.
The report also shows why property is typically considered a long-term investment.
“The opportunity for very short-term gains in the property market have notably shifted from early 2022,” the report says. “Around 10% of loss-making resales nationally were held for less than two years.”
In general buyers purchasing for the long term in a steady market – not one subject to resource sector peaks and troughs – are typically seeing some solid gains.
Want to make a move in a steady market? View our current listings for sale or talk to us about selling.