Ownership period of Brisbane houses and units has increased substantially. A great opportunity to renovate or refinance.
Across Australia, homes are being owned for longer, with the average number of years a capital city house is owned climbing from 6.8 years a decade ago to 10.5 years over the past twelve months.
Comparing homes in capital cities which were sold in 2014, houses are now owned for an average of 10.5 years and units for 8.7 years. In 2013 the average hold period of homes sold was 10.1 years for houses and 8.4 years for units.
In Brisbane, the average hold period for houses sold in 2004 was 6.2 years, this has increased to 10.2 years in 2014. Similarly, units have increased, with the average hold period for units sold in 2004 recorded as 5.1 years, this has increased to 8.4 years in 2014.
In the regional markets, the average hold time for homes tends to be less than for capital cities.
As a property owner, if you’re part of this trend, the opportunities open to you are refinancing your loan to capitalise on your equity, or to renovate to meet the changing needs of your family. Being in the same home for longer doesn’t mean that the same loan will necessarily meet your financial needs over time.
At Mortgage Choice we can help you ensure your lending is right for you at all times.
Contact Stuart Pullar on 07 3463 0501 today for more information.