Did you sell a house in the last financial year? You were likely part of the 96% of Australians who turned a profit, with the median gain hitting a remarkable $326,000. This article dives into the latest data, revealing the top-performing capital cities, and why getting into the property market continues to be a powerful wealth-building strategy.
Property owners who sold their homes during the 2023-24 financial year generally made a gross profit, due to a strong market and the fact that most homes rise in value over time.
Domain found that 96.0% of people across Australia who sold a house in the 2023-24 financial year did so for more than they'd originally paid. The share of house vendors who made a profit was the highest in 16 years, while the median profit was $326,000.
Drilling down, 96.0% of house vendors in the combined capital cities made a gross profit, for a median gain of $395,000, while 96.1% of house vendors in the combined regions made a profit, for a median gain of $245,000.
Unit vendors also enjoyed strong results, although they were less impressive.
Across Australia, 90.7% of unit sellers made a profit in the 2023-24 financial year – the highest share in 13 years. The median gain was $171,000.
In the capital cities, 89.4% of units were sold at a profit, for a median gain of $163,000.
In the regions, the figures were 94.6% and $196,000, respectively.
Domain’s Chief of Research and Economics, Nicola Powell, said it was unsurprising that the share of profit-making sales had increased given that property prices had also been increasing in many parts of the country.
“This trend is more pronounced for houses than for units and various factors contribute to these differences, including housing preferences, development cycles and tenure, as units are typically held for shorter periods. Additionally, house prices have generally experienced higher rates of growth compared to unit price,” Dr Powell said.
“The remarkable profits we are seeing indicate how valuable it is for Australians to get into the property market if they can. We need to ensure that buying a home is affordable and accessible to everyone, as having an asset that increases in value can really help financial stability in the future.”
Capital city results
The share of houses and units that were sold at a profit in each capital city was:
- Sydney = 95.6% houses, 89.4% units.
- Melbourne = 97.9% houses, 85.3% units.
- Brisbane = 99.5% houses, 95.6% units.
- Perth = 97.1% houses, 91.1% units.
- Adelaide = 96.8% houses, 89.9% units.
- Hobart = 96.8% houses, 96.3% units.
- Canberra = 94.0% houses, 94.4% units.
- Darwin = 88.4% houses, 68.2% units.
Australians love property
History shows that property prices have increased enormously over the long-term, so it’s no surprise that so many vendors are selling for a profit.
That helps explain why Australians love property, whether buying their dream home or purchasing an asset for investment purposes.
Would you like to buy a property in 2024? If so, get in touch and I’ll organise a pre-approval for you.
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