Homeowners $300,000 Richer
New figures show inflation has slowed to a two-year low of 4.3% leading many to speculate there will be no need for further interest rate rises.
Australian Bureau of Statistics figures for November, show inflation is down from 4.9% in October. This is down from a peak of 8.4% in December 2022.
The majority of vendors did extremely well in 2023, with new data showing residential property sellers achieved nearly $300,000 in gross profits in the September quarter.
The latest CoreLogic Pain and Gain Report shows the portion of profitable home sales increased in the September quarter, with 93.5% of all sales now achieving a higher price than the property was bought for. This is the highest rate of “profit-making sales” since the July 2022 quarter.
The September quarter results have CoreLogic head of research Eliza Owen already predicting the December results will also be significant as home values rose by 1.4% in October and November.
Adelaide had the highest proportion of profit-making sales with 98.5% of properties achieving a higher price than owners originally paid, followed by Hobart (97.6%), ACT (97.4%) and Brisbane (97.3%).
In Melbourne, 91.3% of sales were for a profit, 91.1% in Sydney, 90% in Perth and 69.7% in Darwin.
The report shows those who sold within three years of buying were more likely to take a loss.
