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Well, who knows what algorithms the search engines use and what all factors they consider, BUT
It is my impression that the age of a domain DOES have an affect, but previous content does not. The only way previous content on a domain could have an effect is if the search engine included archived content of websites or was attached to an archive like wayback machine. The only way the SERPs of a page 2 years from now could be affected by what I had on the domain right now is if the search engine KNEW what I had on the page now (2 years prior to the search).
It looks at how old the domain is, yeah. A site under a year old is unlikely to have many backlinks anyway, but I think it's been shown conclusively that even a massively SEO'd site that is very young still has problems. But it can't tell if, a year ago when the site was created, it had a few articles "marinating" on it unless it HAD the information stored somewhere, either in its own database or as an external database to which it was attached.
Google has enough websites to index anyway, that is massive storage requirements to maintain the SERPs for all the pages in its index. I don't think it would even be practical to try and store old versions of pages for purposes of having that affect present SERP rankings.
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