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Most sellers made a profit during March quarter

People who sold their properties during the first three months of 2013 are likely to have made a profit.

The majority of people who sold their property during the March quarter of 2013 made a profit.

According to RP Data's Pain and Gain report for the first quarter of the year, only 12.7 per cent of homes sold during this time incurred a gross loss. Meanwhile, the total gross profit for the 58,677 property resales was $9.6 billion.

Property sellers will no doubt have been taking advantage of the heightened consumer interest over recent months. With falling interest rates making Australian houses more affordable, people have been more confident about buying property. In turn, this has pushed up property prices.

Tim Lawless, RP Data National Research director, suggested that those who kept their houses longer were more likely to make a profit on them.

He pointed out that there were fewer losses on property sales for those who had bought their houses prior to 2008, with only eight per cent of resales experiencing a loss.

Posted by Ravin Chatlani

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