Where Profits Were Made
Australian home sellers made an average $310,000 gross profit when selling in the final quarter of 2023, according to the latest Pain and Gain report.
The CoreLogic reports shows that fewer homes sold for a loss during the quarter with 94% selling for more than owners originally paid.
In 27 house markets and 31 unit markets, every property that sold delivered a profit to the vendors.
In Sydney LGAs Ku-ring-gai, Inner West, Strathfield and Botany Bay every house that sold achieved a profit.
In Brisbane, the Somerset LGA had 100% profit-making sales for houses and in Adelaide, it was the Burnside, Walkerville and Unley LGAs.
Perth’s Mosman Park, Subiaco and Nedlands were the most profitable for house sales.
In the unit market, Camden in Sydney’s south-west was the most profitable while in the Melbourne LGAs of Melton, Nillumbik and Macedon Ranges every unit sold during the quarter was for a profit.
The report found Adelaide was the most profitable of the capital cities with nearly every sale (98.5%) making a nominal gain.
