The short but sharp downturn has taken some shine off the housing market but more than 98 per cent of vendors who sold last month still made a profit amid low listings and increased demand, data from Suburbtrends show.
More than 98 per cent of property vendors who sold last month still made a profit despite the housing market correction, amid low listings and increased demand, data from Suburbtrends show.
Even those who bought and sold within the past three years made some decent profits, with 62 per cent of sellers racking up gains of at least 10 per cent. “The lack of inventory in the marketplace and strong demand from buyers had given the vendors the upper hand, so most properties even if they were bought six or eight months ago, are still selling for more than what those vendors paid for them,” Mr Henderson said.
Another notable sale was the four-bedroom, three-bathroom house at 51 MacDonald Street in Sans Souci in Sydney’s south. The house was bought for $1.3 million in September 2020 and was sold for $2.781 million late last month, delivering 114 per cent or $1.481 million gross profit to the vendor.
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