Yahoo Finance Top 10 suburbs where homeowners have made millions selling
Despite falling property prices and rising interest rates, sellers in some suburbs have made a fortune.
New data from PropTrack revealed the suburbs across the country where sellers had made million-dollar profits since interest rates began rising.
With interest rates making their first upwards move in more than a decade in May, property prices have started falling.
Also read: The regional areas where property prices are falling the most
Also read: What renters can expect now property markets are falling
Also read: $1.41 billion down: Sign property prices will drop further
However, some homeowners sold their properties when prices were still near their peak, securing a hefty profit in the process.
The suburbs where sellers made the biggest profits from March 2022 to July 2022, were:
Seaforth NSW – $1,540,000 median profit
Double Bay NSW – $1,495,000 median profit
Sorrento VIC – $1,407,500 median profit
The data is based on the difference between the original purchase price and the most recent sale price for homes sold between March 2022 and July 2022.
In what comes as little surprise, Sydney was home to nine of the top 10 profit-making suburbs.
Here’s a look at the top 10.
Suburb | GCCSA | State | Median profit |
Seaforth | Greater Sydney | NSW | $1,540,000 |
Double Bay | Greater Sydney | NSW | $1,495,000 |
Sorrento | Greater Melbourne | VIC | $1,407,500 |
Hunters Hill | Greater Sydney | NSW | $1,390,000 |
West Pennant Hills | Greater Sydney | NSW | $1,329,900 |
Pymble | Greater Sydney | NSW | $1,260,000 |
Woollahra | Greater Sydney | NSW | $1,232,500 |
North Bondi | Greater Sydney | NSW | $1,224,000 |
Avalon Beach | Greater Sydney | NSW | $1,130,000 |
Belrose | Greater Sydney | NSW | $1,100,000 |
Property prices falling
The national median home price could drop by $150,518 by the end of next year, according to analysis by RateCity.com.au.
Recently, ANZ predicted property prices across the country could fall 20 per cent by next year.
RateCity analysed what that would mean for property prices in dollar terms.
The data found Sydney’s median house price had an estimated drop of $204,543 between July 2022 and the end of 2023, taking it to $1,141,650.
In Melbourne, the median house price could fall by $128,141 from July 2022 to the end of 2023 to $836,809, while prices could drop by more than $160,000 in Brisbane and Adelaide by the end of next year.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
