Sydney House Profits At 39-Year High
Sellers across Australia have pocketed billions.
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The number of homes sold for profit has risen to a decade-high during the June quarter as more 91.5% of homes sold were profitable nationwide.
According to the latest CoreLogic Pain and Gain report, that is a 90-basis point increase from the March quarter and is attributed to soaring house prices, limited listing numbers and record low-interest rates.
In Sydney, 97.6% of houses were sold for a profit – the highest level in 39 years. Profitable unit sales rose by 50 basis points to 90.2%.
Within the NSW capital, homes in the northern beaches, Camden and Hawkesbury council were the most proportionally profitable – 97.7% of homes in those areas selling for more than the purchase price.
Elsewhere, Burwood, Parramatta and Strathfield held the highest proportion of loss-making sales at 18.3%, 14.6% and 12.7% respectively.
Nationally, 12 of the 15 capital cities saw an increase in profitability.
Further, regional markets saw huge shifts in the proportion of profit-making sales with regional Victoria’s Ballarat region achieving 99.7% profitability.
The analysis of the proportion of housing resales that delivered nominal gains or losses to sellers pooled around 106,000 dwelling resales in the June quarter.
Of that number, 97,000 were sold for a profit – up 10% from the previous quarter.
It amounts to vendors making a total of $39.4 billion in nominal gains – a 12.6% rise from the previous gains. Simultaneously, the loss on sales increased on the previous quarter to $1.1 billion.
Nationally, the median profit on resales was $265,000 in the three months to June, while median losses were $43,000.
This stylish family home combines a classic palette and finishes with a flexible floorplan
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Former Google CEO Eric Schmidt is selling his Northern California estate, which was listed Monday for $24.5 million.
Located in Atherton, an extremely affluent town northwest of Palo Alto and about 30 miles south of San Francisco, the 3.36-acre property is made up of three parcels that Schmidt acquired over the years, according to public records and Compass, who has the listing.
Schmidt, 69, and his wife, businesswoman Wendy Schmidt, purchased the main home in 1990 for $2 million, according to public records accessed via PropertyShark. They remodelled the 1969 home in 2007, and at that time, bought a neighbouring parcel of land, allowing an expansion of the main house and the addition of a guest house, according to Compass, who holds the listing. A third parcel was later acquired, on which the Schmidts added an English garden house and landscaped grounds overlooking the Eastern Hills.
“Finding three contiguous parcels in Atherton is rare. Even rarer are those with views of the Eastern hills,” said listing agent Katharine Carroll of the reSolve Group at Compass. “The location of this residence is ultra private, at the back of a cul-de-sac with the main house built into a hillside that provides privacy and very good security.”
Across the estate, there are five bedrooms, five full bathrooms and six half bathrooms.
The 5,265-square-foot main house also offers a number of private outdoor spaces on its upper level, including a large terrace off the primary suite, another large terrace off a secondary bedroom, plus a third smaller terrace and two balconies.
Behind the main house is a patio with a pool and spa. For even more outdoor space, there’s an entertaining pavilion, an open lawn and an outdoor fireplace area near the guest quarters.
The grounds themselves are also a standout feature, with an array of mature plants and specimen trees. The upper portion of the property’s landscaping is designed around an Amdega-designed conservatory, which was imported from the U.K. Around the greenhouse, there is a garden of raised beds and fruit trees, Carroll said.
“From the moment you step onto the grounds, it feels as if you’ve been transported to a private botanical sanctuary,” she said.
Schmidt served as Google’s CEO from 2001 to 2011, and then became the company’s executive chairman until 2015. He could not be reached for comment.
This article first appeared on Mansion Global
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This stylish family home combines a classic palette and finishes with a flexible floorplan
