{"id":26407,"date":"2020-07-25T16:39:25","date_gmt":"2020-07-25T04:39:25","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=26407"},"modified":"2020-07-25T16:39:25","modified_gmt":"2020-07-25T04:39:25","slug":"where-home-sellers-are-making-1m-profits","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/where-home-sellers-are-making-1m-profits\/","title":{"rendered":"Where home sellers are making $1m profits"},"content":{"rendered":"

PHOTO: The average northern beaches home seller got about $1.3m above the price they paid. Source: Supplied<\/em><\/span><\/strong><\/p>\n

Homeowners in some of Sydney\u2019s 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.<\/p>\n

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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.<\/p>\n

\u201cProfit\u201d was measured as the average difference between the price they paid for the property and the resale price.<\/p>\n

By this criteria, the majority of Sydney sales were profitable. Only 7.6 per cent of sellers made a loss on their properties.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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