Time you were moving?!
Interesting stats out today from property researchers RP Data, charting the average time we own a piece of real estate. Tracking all sales in the year to May their team recorded the average time since the property was bought by that owner. For Queensland apartment owners it was just 5.7 years, our house owners 6.8 years.
As real estate agents we want to compliment all those people who chose to sell!
Our livelihoods aside it’s interesting how short the average tenure really is. We remember hearing stats out of the USA many moons ago that 7 years was their average holding time and we couldn’t imagine Australians would get to that point.
Interestingly the longest stays seem to be in more affordable suburbs. Maybe first home buyers get their piece of Australia and hold on tight. Investors are also more active in these areas and may have longer term plans than owner-residents.
Overall property owners are much happier to move once our dwellings no longer fit our needs, something unheard of a generation or two ago. Whatever the reason Queenslanders sell so regularly we thank you, and encourage you to do it more often!