Record Breaking Profits For Greater Brisbane Homeowners
Brisbane homeowners have cashed in over the past quarter as the housing market continues to heat up.
The latest CoreLogic Pain & Gain report reveals almost one billion dollars a month has been dished out in profits from properties selling.
Brisbane Local News
Greater Brisbane homeowners made $2.994 billion off the sale of properties sold during the June quarter, while a sad few lost -$61.75 million in sales.
CoreLogic report author and head of research Eliza Owen said nationally, tight listings, record low mortgage rates and massive growth in housing values have all contributed to lucrative market over the last four quarters.
“Profit-taking sales across Brisbane increased 90-basis points to 90.1 per cent through the June 2021 quarter,” Ms Owen said. “This marks the first-time profitmaking resales have been above 90 per cent since the three months to January 2018.”
“Higher levels of profitmaking sales were driven by a 90-basis point rise in the house segment, and a 180-basis point jump across the unit segment over the quarter.”
The highest profits were delivered in the Somerset LGA with $17.5 million in profit, with the Brisbane LGA taking both hits and loses, with a median profit of $240,000 in the June quarter.
Meanwhile, the biggest profits were found across regional and tree-change markets, as city slickers try to avoid Covid mayhem.
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