Australia has witnessed a surge in property values over the past decade, leading to record profits for homeowners. CoreLogic data reveals a median nominal profit of $285,000 from resales in the June quarter, with Sydney leading the way.
In the past 10 years , the total value of our residential dwellings has risen from $5.1 trillion to $10.9 trillion ., Australia 's property owners pocketed a record-breaking median nominal profit of $285,000 from resales in the June quarter of this year.The Reserve Bank says there are early signs that developers are responding to rising prices and rents with plans for new housing supply, but it will take many years to solve the affordability crisis.
But when breaking the data down into local government area regions , the report shows sellers in some regions of the country have been raking in the profits. Brisbane had the highest rate of profit-making resales among the capital cities in the June quarter, with 99.1 per cent of resales capturing a profit.
For some individual LGAs, the median profit from resales was above $400,000 — in Nillumbik , Bayside , Whitehorse , Manningham , Mornington Peninsula , Monash , Boroondara , Banyule , Yarra Ranges and Knox .What happened to worker housing? The rapid rise in profitability means Perth's home-owners are holding onto their homes for much shorter periods. The median hold period was almost 16 years at the start of 2020, but that has dropped to 9.8 years.The median profits for resales in Nedlands , Joondalup , Melville , Fremantle , Kalamunda , Mundaring , Rockingham , Serpentine-Jarrahdale , Armadale , were above $275,000.
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