Sydney House Profits At 39-Year High
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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
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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