About one in every 17 homes sold across Greater Sydney during the past year, with home owners in some lifestyle locations particularly keen to cash in on strong price growth
New figures from Domain show 7.2 per cent of homes in the Sutherland Shire traded in the 12 months to May, while 6.6 per cent of homes on the Central Coast found new buyers.Nationally, 7 per cent of properties transacted over the 12-month period.About one in every 17 homes were sold across Greater Sydney during the past year, with home owners in some lifestyle locations particularly keen to cash in on strong price growth.
Home owners in other areas were more likely to stay put, with the Baulkham Hills and Hawkesbury region, south-west and inner south-west seeing fewer than 5 per cent of homes sold.Domain chief of research and economics Dr Nicola Powell said turnover had increased during the pandemic and subsequent market boom.
“Some of these areas have seen extraordinary price growth … it would have been very lucrative to unlock equity and profit or go and purchase elsewhere,” Powell said.While turnover was impacted by last year’s lockdown, Powell said activity had rebounded sharply afterwards. Inner west residents Ruth Harrison and Tim Randall know that challenge first-hand, having spent almost a year searching for a home to upsize to in the area, eventually settling on a Marrickville house a few hundred metres away from the home they’ve outgrown. The previous owner held it for 50 years, and the pair hope to follow in their footsteps.
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