Sydney suburbs where sellers make biggest profits
Homeowners in pockets of Sydney north and northwest have been cashing in on a recent recovery in the property market, reselling their properties for up to $700,000 more than they paid for them.
The biggest average windfalls were in the council areas of the Hills, Mosman, Willoughby and Ku-ring-gai, which encompasses northern suburbs such as Turramurra, St Ives and Killara.
More than 90 per cent of Ku-ring-gai sellers exchanged their homes for more than they paid, with the average vendor getting $690,000 above their purchase price, according to CoreLogic’s latest Pain and Gain report.
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Mosman sellers made an average profit of $642,000, while Willoughby sellers pulled in $585,000. Hills and northern beaches vendors got about $500,000 profit.
Typical sellers in these areas had owned their homes for about nine years before exchanging.
Property experts said the sellers got such high windfalls due to a recent recovery in the housing market, which has helped push prices up again after a nearly two-year downturn.
They also benefited from a prolonged housing boom between 2013 and 2017, which pushed up prices by nearly 60 per cent over four years.
CoreLogic head of research Tim Lawless said that previous growth cycle created “a lot of equity” for many homeowners and they were still reaping the benefits.
Roy and Rebecca Dickson said recent developments in the housing market had made them “excited” about taking their house on Parkes St in Manly Vale to auction next month after five years of ownership.
“We were lucky to have even bought it when we did. It was just one of those great finds,” Ms Dickson said.
“We were worried for a while that we wouldn’t be able to get as good a price as we might have got two years ago, but it looks like things are improving and prices are going up again.”
Stone Real Estate agent Eddy Piddington said there was renewed energy in Sydney’s north because buyers were seizing on the chance to snap up “lifestyle” properties before prices increased rapidly again.