According to Domain’s latest Profit and Loss Report, profit-making sales for residential properties have reached their highest levels since 2008 for houses and 2011 for units.
Sydney’s housing market is showing impressive returns. Houses in Sydney saw a median profit of $655,000 – one of the highest in Australia, nearly doubling the original purchase price. For units, Sydney tops the list with a gain of $202,000.
While only 4.4% of house resales in Sydney saw losses, these losses averaged $125,000, a rare occurrence in an otherwise profitable market.
The report highlighted that Australia’s property market continues to solidify its reputation as a top choice for property investment.
“The remarkable profits we are seeing indicate how valuable it is for Australians to get into the property market if they can,” said Domain’s chief of research and economics Dr Nicola Powell.
