If you're sitting on the fence about selling your Belconnen property, a recent release from CoreLogic RP Data could go a long way to helping you make your mind up. According to the latest Pain & Gain report, the percentage of resold capital properties that resulted in a loss on the initial purchase price was recorded at 8.6 per cent over the December quarter.
In contrast, this figure was 9.6 per cent a year earlier. CoreLogic RP Data senior research analyst Cameron Kusher also highlighted that the longer people held their real estate, the better the chance of earning a profit on the sale. The properties that earned a gross profit were owned for an average of 10.2 years, while homes that sold for more than double their original price were held for 16.8 years.
Owners of Canberra real estate saw 10.8 per cent of resold homes experience a loss, with the report detailing an expectation that this figure will continue to drop in the coming years. This could be something to keep in mind, especially for potential investors considering moving into the market in the near future.
Having the foresight to commit to the long term could result in a massive payoff, so be sure to get in touch with a local real estate agent to begin discussing your investment options today.