profits from property

Aussies eye-watering profits from property

PHOTO: March saw the biggest monthly jump in house prices for 32 years

It’s the best time in 10 years to make a profit from selling property, with owners in one state raking in millions from their places.

Sydneysiders have been making millions from Australia’s property boom as homeowners right around the country cash in, with new research showing it’s the best time in a decade to make a profit from the housing market.

Just last week, a renovated four-bedroom house in the Sydney inner west suburb of Haberfield saw an unbelievable result when it sold at auction for $2.02 million above the reserve, going under the hammer for over $7 million.

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It comes as the proportion of homes that sold for profit hit a high in the June quarter for the first time in 10 years, due to a shortage of options, low interest rates and soaring prices, according to CoreLogic data

More than nine in 10 homes sold were profitable across Australia, while Sydney broke records with 97.6 per cent of houses sold making a profit – the highest level in 39 years.

Standout suburbs included the northern beaches, Camden and Hawkesbury, with 97.7 per cent selling for more than the purchase price