In the midst of an apparent housing slump, sellers are still turning astronomical profits on their homes by adhering to one nifty trick.
Sydney’s median house price might have dropped by six per cent in the past year, but 97 per cent of sellers are still profiting by offloading their homes in the current climate.
Of the three per cent of sellers who recorded a loss over the past three months, the major commonality between them is that many had owned their home for under a three year period.
In the midst of an apparent housing slump, sellers are still turning astronomical profits on their homes by adhering to one nifty trick
Sellers in Mosman (pictured) saw a median resale price of $593,000 in the most recent analysis
Those home owners holding off on selling until after the three year mark more often than not pushed into the 97 per cent of sellers who made a profit, the Daily Telegraph reported.
Some of the biggest profits were seen across the city, with Hunters Hill, Manly, The Hills and Kogarah sellers all walking away from homes with at least 500,000 to 800,000 reasons to smile.
Sellers in Hunters Hill saw a median resale price of $875,000, while Manly’s median price was slightly less at $790,000.
Homes in Hunters Hill topped the ratings, with a median seller profit at an astronomical $875,000
Sydney’s median house price might have dropped by six per cent in the past year, but 97 per cent of sellers are still profiting by offloading their homes in the current climate
In Ku-ring-gai, the price is at a cushy $756,000 and Mosman’s is steady at $593,000.
A little further away, The Hills district has a median resale price of $580,000, while Canterbury and Kogarah sit at a respectable $5730,000 and $552,000.
Eddie Piddington, a selling agent at Stone Real Estate said sellers could still rake in the top tier profits by presenting their homes in the correct way.
The market, he believes, is still optimal for sellers in popular areas where buyers will consistently show interest.
While prices are steadily dropping, it appears the hype surrounding this gradual drop is suggesting to both buyers and sellers that it is worse than what it actually is.
Realestate.com.au chief economist Nerida Conisbee explains ‘demand from buyers has been falling so most sellers think it is a bad time to sell. This shows they’re actually seeing the market much worse than it really is.’
Homes in Manly also faired well, coming in at second over the past six months at $790,000
The leafy Hills District did well out west, with median seller profits at $580,000