PropTrack has revealed the Australian suburbs where sellers have made million-dollar profits since interest rates began to rise.
With the Reserve Bank starting to increase interest rates in more than a decade in May, property prices also started falling. Some homeowners, though, have been able to sell their properties when prices were still near their peak – that means a hefty profit in the millions for the sellers.
Fresh PropTrack data showed that from March 2022 to July 2022, Seaforth NSW was the Australian suburb where sellers made the biggest profit, with a median $1,540,000 profit, followed by Double Bay NSW ($1,495,000) and Sorrento VIC ($1,407,500).
Below are the top 10 suburbs nationally that made the biggest median profit among all sales:
|
Suburb
|
SA4
|
GCCSA
|
State
|
Median profit
|
Median holding period
|
|---|---|---|---|---|---|
|
Seaforth
|
Sydney – Northern Beaches
|
Greater Sydney
|
NSW
|
$1,540,000
|
6.1
|
|
Double Bay
|
Sydney – Eastern Suburbs
|
Greater Sydney
|
NSW
|
$1,495,000
|
6.2
|
|
Sorrento
|
Mornington Peninsula
|
Greater Melbourne
|
VIC
|
$1,407,500
|
6.6
|
|
Hunters Hill
|
Sydney – Ryde
|
Greater Sydney
|
NSW
|
$1,390,000
|
6.6
|
|
West Pennant Hills
|
Sydney – Baulkham Hills and Hawkesbury
|
Greater Sydney
|
NSW
|
$1,329,900
|
8.1
|
|
Pymble
|
Sydney – North Sydney and Hornsby
|
Greater Sydney
|
NSW
|
$1,260,000
|
6.4
|
|
Woollahra
|
Sydney – Eastern Suburbs
|
Greater Sydney
|
NSW
|
$1,232,500
|
7
|
|
North Bondi
|
Sydney – Eastern Suburbs
|
Greater Sydney
|
NSW
|
$1,224,000
|
4.9
|
|
Avalon Beach
|
Sydney – Northern Beaches
|
Greater Sydney
|
NSW
|
$1,130,000
|
5.4
|
|
Belrose
|
Sydney – Northern Beaches
|
Greater Sydney
|
NSW
|
$1,100,000
|
7.1
|
Note: Based on the difference between the original purchase price and the most recent sale price for homes sold between March 2022 and July 2022
