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Many Australians are selling their homes for big profits, with new data released today showing resales have reached their highest rate of financial gain in 14 years.
Of the 85,000 properties resold in the first quarter of this year, more than 94 percent recorded a nominal gain, according to the latest CoreLogic Gain & Pain report.
The average gross profit is $265,000 and the average loss is $40,000.
The study also revealed that owners who held their property the longest made the most profit over 30 years.
But sellers in some capitals made more money than others, according to the report.
Adelaide and Brisbane were joint first for the top-earning state capitals in resales during the quarter, with just 1.6 per cent of them recording a loss.
Sydney suburbs where house prices don’t fall below $3.9 million
Apart from the Northern Territory, Melbourne had the highest loss resale rate in the quarter, rising to 9.2 per cent from 8.9 per cent in the previous quarter in December.
Sydney followed with 8.4%, unchanged from the previous quarter.
The report also pointed to a major revival in Perth’s housing market in recent years. In June 2020, the Western Australian capital recorded 43.8% of losing sales compared to 6.4% in the March quarter this year.
Across Australia, residential sales continued to deliver higher gains compared to units. The research shows that 97.1% of home resales made a nominal profit in the March quarter, compared to 89% of homes.
The median nominal gain for houses in the March quarter was $320,000, while for units the figure was $172,500.
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