Sydney House Profits At 39-Year High | Kanebridge News
Kanebridge News
Share Button

Sydney House Profits At 39-Year High

Sellers across Australia have pocketed billions.

By Terry Christodoulou
Wed, Sep 29, 2021 3:34pmGrey Clock < 1 min

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.



MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

Related Stories
Property
Footy fever and holiday vibes impact property auctions
By KANEBRIDGE NEWS 29/09/2023
Property
Dream property not on the market? You can still find it here
By KANEBRIDGE NEWS 28/09/2023
Property
Australian house prices set to surge across the country
By KANEBRIDGE NEWS 27/09/2023
Footy fever and holiday vibes impact property auctions

Scheduled auctions fall to winter levels as vendors hold back on going to market

By KANEBRIDGE NEWS
Fri, Sep 29, 2023 < 1 min

Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.

The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.

With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week. 

MOST POPULAR

Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

Related Stories
Property
Western Sydney’s hottest place to cool down opens
By KANEBRIDGE NEWS 25/09/2023
Property
Dream property not on the market? You can still find it here
By KANEBRIDGE NEWS 28/09/2023
Money
Inside Apple’s Spectacular Failure to Build a Key Part for Its New iPhones
By AARON TILLEY 22/09/2023
0
    Your Cart
    Your cart is emptyReturn to Shop