The latest RP Data report has indicated it is a great time for people to sell their Belconnen real estate over the coming months, with the number of properties selling for a profit increasing over the September quarter.
During this period, 69,949 homes were sold nationwide. Of these, 11.1 per cent recorded a loss from their original purchase price, with the total gross loss reaching $488.1 million across the country. The average loss on each transaction was $62,726.
On the other hand, 88.9 per cent of all the sales during the September quarter experienced a profit. The overall gross profit across the nation reached $12.6 billion, with an average profit per transaction of $202,546.
Another interesting fact presented by the report was the relationship between ownership length and profits
For example, homes that incurred a loss were owned for an average of 5.2 years, while those that earned a profit were held for an average of 9.7 years. Furthermore, properties that earned a profit of 100 per cent or more had been owned for an average of 15.8 years.
This could present a great opportunity for the owners of Gungahlin real estate, illustrating the increasing strength of the real estate market in Australia. .