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Nationally, Sydney, Canberra and Melbourne had the highest returns on homes – $655,000, $435,000 and $397,000 respectively.
Domain head of economics and research Nicola Powell said the record number of homes reselling for a profit reflected the longevity of homeowners.
“What this tells us is that the vast majority of homeowners have owned their property for many years, and many of them may have bought before the 2020 price surge when we saw a rise in house prices across the country,” she said.
Powell said people are choosing to stay in their homes longer, which is also leading to a decrease in short-term sales across the country.
Strategic Property Group managing director Trent Fleskens said there was a high correlation between profits and suburb value and length of ownership.
“Suburbs like Rossmoyne and City Beach are already high-value suburbs and a 10 per cent increase would mean a six-figure profit,” he said.
“Perform this over several decades of family home ownership and you start to understand how these homeowners are receiving seven-figure tax-free gains from the sale of their homes.”
The state’s south-west regional centres outperformed all other regional property markets in the June 2024 quarter, according to the latest data from REIWA.
Busselton led the gains with a 6 per cent rise in median house prices to $795,000, up from $750,000 in the March quarter.
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It was followed by Bunbury, where the median house price rose 5.5 per cent to $517,000.
REIWA president Joe White said the battle for top spot between Busselton and Bunbury had been going on since the September 2023 quarter.
White said that while market activity tends to slow in the winter, parts of the market remain active.
“Our members in Busselton and Bunbury reported that properties priced between $600,000 and $800,000 were the most active over the quarter, with investors and first-home buyers still driving activity in this area of the market,” he said.
“Homes in this price range continue to sell quickly as buyers seek properties that offer value for money.”
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