Homeowners in Sydney's northern and north-western suburbs seem to have taken a wait-and-see approach, allowing them to cash in on the recent recovery in housing values.
Sellers in council areas such as the Hills, Mosman, Willoughby, and Ku-ring-gai managed to get substantial windfalls from property sales, earning as much as $700,000, according to CoreLogic's Pain and Gain Report.
The study said nine in 10 properties in Ku-ring-gai were sold for more than they were worth, with an average vendor getting $690,000 in profit.
Also read: Sydney’s Auction Grows As Melbourne Slumps
Vendors in Mosman saw average earnings of $642,000, while those in Willoughby, Hills, and northern beaches saw average profits of $500,000.
Most sellers in these areas had owned the properties for roughly nine years. Furthermore, they benefitted from the "prolonged" housing boom between 2013 and 2017, which boosted housing values by up to 60%, according to the study.
Also read: New Property Hotspots To Emerge In Sydney
The recent housing recovery, which helped offset the losses during the short downturn, has contributed to the equity of many homeowners, the report said.
A separate CoreLogic report revealed that home prices in Sydney grew by 1.7% in September. The report said one of the biggest contributors to the city's continued growth is the increasing participation of investors in the housing market.
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.
We value your privacy and treat all your information seriously - you can check out