Nine in ten Aussie homeowners who sold their property in the three months to December 2020 made a hefty profit amid insatiable buyer demand and roaring property prices.

Owner occupiers raked in a median gain of $255,000 while investors made $165,000 in profits on the sale of their property according to CoreLogic’s Pain and Gain report.

“As property values rose across each state and Territory through the December quarter, buoyed by a cash rate reduction through November, the value of profits also increased substantially,” said CoreLogic’s Head of Research Eliza Owen.

Nationally, 89.9% of properties sold at a profit in the December quarter with total gains from resales rising to $31.9 billion, up from $24.8 billion in the previous quarter. “The results are particularly significant given the uplift in sales volumes in the 3 months to December, much of which was driven by an increase in transaction activity across Melbourne,” Ms Owen said.

“Sales and listings increased remarkably across the city, as the economy emerged from the weakness associated with the extended lockdowns.”

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Source: savings.com.au