Sellers are making $500k profits in this hot spot

PHOTO: Inner west sellers are making $500,000 profits from the sale of their homes

HOME sellers across the inner west have made up to $520,000 profit from their homes off the back of a resurgent property market.

Core Logic’s latest quarterly Pain and Gain report found the average vendor in the Inner West Council area made the highest profit out of any sellers in the inner west, despite having the lowest median house price.

The average vendor in the Inner West Council area sold their home for $515,000 above what they purchased it for, despite typically owning it for less than a decade.

A house on Arthur St in Balmain sold for $1.047 million above the purchase price in 2013, while a three-bedroom terrace on Metropolitan Rd in Enmore sold for $1.125 million above its 2011 price — an increase of $150,000 for every year of ownership.

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