By Alesha Capone
Wyndham has been named one of the most profitable areas of the state to re-sell residential properties.
According to the latest Pain and Gain report from CoreLogic, 98.2 per cent of Wyndham homes re-sold at a profit between September and December last year, with an overall median profit of $291,450 per property.
The Macedon Ranges topped the list with 100 per cent of all properties reselling for a profit (making a median profit of $380,000 per property).
Moorabool placed second with 98.9 per cent of homes re-selling for a profit (with a median profit of $219,500 per property) and Melton with 98.3 per cent (a median profit of $225,000 per property).
“With Melbourne housing values once again approaching a record high, we are expecting the proportion of profit making re-sales will continue to rise across the Melbourne metro region,” the CoreLogic report said.
Property re-sellers across Australia earned $18.7 billion in the September quarter of last year.
CoreLogic’s head of residential research, Eliza Owen, said that owner-occupied properties outperformed investment properties in all markets, except for in Tasmania.
Nationally, 88.9 per cent of owner-occupied properties resold for a profit, compared to 83.4 per cent of investor-owner properties.
Overall, house resellers were more likely than unit sellers to experience gains.
Nine in 10 houses across Australia sold for more than their previous purchase price compared to 80.2 per cent of apartments.
“In recent years, there has been a relatively high level of newly constructed apartments in state capitals, especially across Brisbane and the ACT,” Ms Owens said.
“This oversupply, which contributes to lower prices and higher vacancies, has impacted returns for unit resellers.”
