PHOTO: The average northern beaches home seller got about $1.3m above the price they paid. Source: Supplied
Homeowners in some of Sydney’s most sought after pockets have been reselling their properties for an average of $1.3 million above the prices they paid for them, a new study indicated.
The CoreLogic pain and gain report examined the average profit home sellers made in various city markets over the first three months of the year and revealed most long-time owners had considerable equity in their properties.
“Profit” was measured as the average difference between the price they paid for the property and the resale price.
By this criteria, the majority of Sydney sales were profitable. Only 7.6 per cent of sellers made a loss on their properties.
Resellers made the biggest profits on the northern beaches. The median resale profit was $1.31 million. The average length of ownership for these sellers was just under nine years.
Sellers in the Blacktown council area also got well above their purchase prices: the median resale profit was almost $630,000, with the average hold period for the properties at eight years.
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