The average tenure for an Australian homeowner is around 11 years, but some homeowners are buying and selling properties in a fraction of that time and making big capital gains in the process.
Using CoreLogic sales records, we've taken a look at some of the regional properties which have been sold in 2021 for double what they were purchased for in 2019.
Sometimes the gains are down to an extensive renovation or extension, but in other cases the owners have only needed to spend a relatively small amount of time and money to amplify the price growth trend currently being enjoyed by the regional housing market.
8 Union Street, Launceston Tasmania
2019 price: $457,000
2021 price: $955,000
Increase: 109 per cent
An extension and renovation project was behind the dramatic increase in price for this two-bedroom, two-bathroom home in Launceston.
Listing agent Kristi Seymour of Insitu Property said that the property had been a project for the vendor, with Cumulus Studios engaged to design the extension and renovation.
The property had sold to a Launceston-based buyer.
"It's a really popular little patch and just very few properties that become available," Ms Seymour said.
"Because of the location there and the lack of properties that are available it was very hotly contested with four offers," she added.
Ms Seymour said that it was unlikely a similar 'flip' would be able to be repeated in the current market.
"Things have got away now. There are very few opportunities to purchase and renovate and still make a gain, particularly with the availability of materials and the lack of builders and trades that are available to do the work. Most local builders are booked out up to 12 months in advance at the moment," she said.
2019 price: $945,000
2021 price: $2.01 million
Gain: 113 per cent
Selling agent Adam Holborow of Elders Port Macquarie said that the vendors of this property spent around $100,000 renovating its interior before they moved in.
"They [the vendors] have a big house on five acres that they were doing a renovation on and so they had to move out while that was happening. Instead of renting for the 18 months to two years they decided to buy close to the beach, they purchased it, did the renovation before they moved in and they were either going to move out and rent it out or sell," he explained.
The property sold to a Sydney-based buyer earlier this year.
There were 13 registered bidders for the property, with the an opening bid of $1.2 million and a reserve price of $1.5 million.
While the result was at the top end of recent price gains, Mr Holborow said it wasn't uncommon to see quick price gains in the Port Macquarie market.
5 Fidelis Street, Bundanoon, NSW
2020 price: $455,000
2021 price: $1,165,000
Gain: 156 per cent
A rapid renovation helped this Bundanoon property more than double in value in little more than 12 months.
Mr Wilson described the property as "an absolute wreck of a house" with the exterior, bathrooms and kitchen all requiring a major overhaul.
Selling agent Paul Macefield said that a shortage of stock in Bundanoon had likely assisted the impressive price gain.
"So we've seen in the last 18 months, there's been very strong price growth in the town because there is only a small stock of properties and there's a huge demand now because everybody's realised what a wonderful place it is to live," he said.
41 Massinger Street, Byron Bay
2019 price: $2.05 million
2021 price: $5 million
Gain: 144 per cent
This property at 41 Massinger Street in Byron Bay was sold for the first time in 41 years in 2019, but was listed back to market in 2020 following an extensive renovation, according to CoreLogic records.
It sold earlier this year for $5 million in an off-market sale.
With Brittney Levinson