Tight listings, record mortgage rates and extraordinary growth in home values ââin Australia have led to the best returns for sellers in over a decade.
According to the latest CoreLogic Pain and Gain report, over 90% of homes sold in the June quarter ended in profit, an increase of 9% from the first quarter of the year.
Profit growth rate reflects a 13.5% increase in home values ââin the 12 months to June, with median profit pocketed on resales of homes held for 8.8 years now $ 265,000 and losses medians $ 43,000.
But the recent post-pandemic wave now meant that homeowners were reselling after just two years with a gain of $ 123,000.
The report, which analyzes the proportion of home resales that generated nominal gains or losses for sellers, is based on 100,000 home resales in the quarter.
The highest profitability cases have been achieved in regional and tree change markets, a trend fueled by stay-at-home orders prompting buyers to seek areas where they can find more spacious family homes with yards. back and / or easy access to the beach.
In Victoria, Ballarat led the way, achieving a record breakeven rate with 99.7 percent of resales in the quarter making gains.
Other top performing markets include the Richmond-Tweed area, where housing is 29.5% higher during the year; the Sunshine Coast, where values âârose 27.6%; and the Launceston and Northeast housing market, where home values ââare up 26.3%.