Bumper year for Sydney’s northern beaches and eastern suburbs home sellers who pocketed more than $1million profits.
Manly, on Sydney’s northern beaches, topped this year’s most profitable area to sell a home, with vendors pocketing a nearly $2 million gain on average, and almost all sales making a profit, data from Suburbtrends reveals.also had a bumper year, raking in a profit of $1.864 million on average, as demand for coastal and lifestyle locations soared during the pandemic.
Home sales that delivered the highest average profit were held for 10.3 years on average, although vendors in the eastern suburbs only kept the properties for 8.65 years.Properties sold for more than $75,000 above the purchase price were deemed profitable, as this adequately covered both selling and purchase costs for the owners, and anything below was considered a loss, said Kent Lardner, director of Suburbtrends.
“Buyer demand was the strongest demand I’ve seen in the 11 years that I’ve been buying properties in northern beaches,” she said.“At the height of the boom, people were paying between 15 per cent and 20 per cent above the asking price because of low stock, so it’s not a surprise vendors made big profits this year.
“People wanted to be near the beach so that that trend really held up throughout Australia since the start of the pandemic,” she said. Baulkham Hills in Sydney’s north-west and Leichhardt in the inner west also made it to the most profitable areas for vendors, with an average sale gaining more than $1 million.By contrast, remote locations or areas relying on just one or two industries posted the most losses, the report found.
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