Unit owners hold tight as growth slows and transaction costs rise

According to The Australian Financial Review, unit owners nationwide are holding on to their property longer than average in response to weak capital gains and sharp increases in transaction costs, data from CoreLogic shows.
Those who bought apartments and units are now staying put for 8.6 years, which is six months longer since interest rates started rising two years ago and 12 months more than the 10-year average.
By comparison, the hold period for houses shrank by around three months to 9.1 years, as owners cashed in on the rapid price increases since the pandemic.
The shift towards longer hold period for units defies earlier trends when owners tended to resell them within a shorter period of time.
CoreLogic head of research Eliza Owen said units’ broader underperformance in recent years could be dissuading some owners from selling.

https://www.afr.com/property/residential/unit-owners-hold-tight-as-values-weaken-and-transaction-costs-rise-20240903-p5k7ed