Why some home owners are selling quickly

CoreLogic has detected a significant increase in the number of people selling their home after holding it for only a short period of time.

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During the August quarter, 16.0% of properties listed for sale had been owned for less than three years. That is the highest since 2008 (when CoreLogic started tracking this statistic) and double the long-term average of 7.9%.

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CoreLogic's head of residential research, Eliza Owen, said there appeared to be three factors driving the increase in short-term sell-offs:

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1. The rise in interest rates – people selling because they can't make their mortgage repayments.

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2. The recent rebound in property prices – people selling to cash in on capital gains.

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3. The reversal of pandemic migration trends – people selling a regional home and returning to the city.