Four out of the top 10 most expensive houses sold last year were held for less than five years.
Already a subscriber?Four out of the top 10 most expensive houses sold last year were held for less than five years, as some sellers doubled their money after cashing in on strong demand for an asset class in short supply, data from CoreLogic shows.with the highest number of sales above $5 million were also held for a relatively short period of just over eight years, compared with the 9.6-year market average.
A five-bedroom house at 4 Fisher Avenue in Vaucluse in Sydney’s eastern suburbs was sold for $37 million in June last year. That’s more than double the $16 million contract price sealed in December 2018. “When limited availability means demand consistently outstrips supply, there will be long-term support for high-end housing prices.
Almost two-thirds of Australia’s property sales of $5 million or higher last year were in Sydney; the Woollahra Local Government Area contributed 22 per cent of these sales.Those suburbs include Paddington, Double Bay and Rose Bay, where houses were held for no longer than 8.5 years. In Melbourne, houses in Bonnie Brook, Mambourin and Deanside in the west along with Donnybrook in the north-east were resold within 2.6 years, and those in Park Ridge, Ripley and Logan Reserve in Brisbane’s Logan area were held for three years or less.“A lot of these markets are popular with investors who tend to have shorter hold periods and may have more of a speculative mindset,” Mr Lawless said.
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