PHOTO: Housing prices have dropped 2.9 per cent since the beginning of the pandemic but are still eight per cent higher than this time in 2019. Pictured: Home in The Hills District
Homeowners across Sydney are raking in huge profits on their houses as Australia’s economy begins to shrug off the coronavirus pandemic.
Eight local council areas are seeing median profits of more than $500,000 as the country emerges from a short-lived recession.
Areas like Willoughby, the Northern Beaches and Ku-ring-gai are seeing profit margins between $585,000 and $652,000, according to a CoreLogic report.
Homes in areas such as Ku-ring-gai Council area (pictured: house in Turramurra for sale at $5.89M) have a profit margin of $616,000
COUNCIL AREAS WITH HIGH MEDIAN PROFIT MARGINS
Willoughby – $652,000
Ku-ring-gai – $616,000
The Hills Shire – $598,000
Northern Beaches – $585,000
Hornsby – $528,000
Randwick – $510,000
Inner west – $509,000
Mosman – $501,000
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