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InvestAus

Mortage Broker , Sydney Region

NSW: Homeowners in some of Sydney’s most sought after pockets have been reselling their properties for an average of $1.3 million

20D ago 0 Replies 25 Views
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.

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.

The Sydney region where sellers were most likely to make a loss on their properties was Burwood, where about a fifth of the properties changed hands for less than the owners paid. The bulk of the properties that sold for a loss in Burwood were units and there were few sales, CoreLogic noted.
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