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10 places you shouldn’t sell property right now
There are 10 locations where investors are better off holding onto their properties rather than rushing to sell, according to a real estate expert.
Kevin Young, president of Property Club, said property investors in certain suburbs who hold onto their properties rather than sell during 2020 will be the long-term winners in the Australian real estate market.
“Sellers regret is a common issue I have come across in the property market during the past 50 years with property owners regretting selling their properties too early ahead of a major bounce in their local real estate market,” he said.
“Research shows that houses that sold for a profit are typically held for 10.0 years and units 8.8 years. In contrast house owners that sold at a loss typically held their property for 5.8 years. Units that sold at a loss were generally held for a similar period of 5.7 years.
“Investors had a greater likelihood of reselling their properties at a loss compared to owner-occupiers, with 11.3 per cent of owner-occupied properties resold at a loss compared to 17.4 per cent of investment properties.”
Mr Young noted that research by Property Club showed a very high proportion of property owners sell their properties two years short of a bounce to profitability.
“It is therefore critical that property owners who are considering exiting the property market and selling their properties do not do so in markets that are at the bottom of their property cycle or in recovery mode,” he said.
The top 10 markets where you shouldn’t sell, according to Mr Young, are:
1. Brisbane
2. Gold Coast
3. Townsville
4. Ipswich
5. Newcastle
6. Melbourne
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7. Sydney
8. Adelaide
9. Perth
10. Darwin
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