The decision to sell your piece of real estate in Adelaide isn't one to take lightly, but recent figures released by CoreLogic RP Data could hold some encouraging tidbits for those looking to put their home on the market.
CoreLogic senior research analyst Cameron Kusher has found that the proportion of properties sold in Adelaide for under $400,000 has dropped to a record low over the 12 months to March, suggesting that price points are on the up in the South Australian capital. The proportion of houses selling under this price bracket in Adelaide was 45.3 per cent, while 65.9 per cent of units in Adelaide houses sold for less than $400,000.
What's more, Mr Kusher highlighted that the percentage of houses sold for more than $1million has also soared to a record high over the past year, at 4.7 per cent. This trend was reflected across the capital cities. Price points have been steadily rising and data now shows that around one in 10 homes sold in Australia's capitals breached the $1million mark.
CoreLogic's most recent Pain and Gain report has also echoed the steadily increasing values across the country. Over the three months to March, 9.1 per cent of homes resold posted a loss when compared to the previous purchase price, down from 9.6 per cent during the same period in 2014 – this means 90.9 per cent of homes were resold for a profit.
Residents with property in Norwood could find some particularly encouraging results in the Pain and Gain report. An impressive 94 per cent of homes in the Norwood Payneham St Peters council area recorded a profit for the vendor over the March quarter, pocketing a median sum of $179,000.
The report also highlights that property is a long-term game, with profitable sales being made on real estate held for an average of 10 years. If you have any questions about selling your home in the City of Churches, make sure to touch base with the team at Ray White Adelaide.