A big majority of houses across the western suburbs are selling for large profits, recent data reveals.
The quarterly Pain and Gain report, released by CoreLogic and seen by Star Weekly, reveals that of the 98.3 per cent of Brimbank houses that sold at a gain, an average of $200,000 profit was made, with an overall quarterly profit of $103 million. The average hold was 10.2 years. Just 1.7 per cent of Brimbank properties sold did not draw a profit, losing about $25,500 each.
Hobsons Bay property is hot – with a whopping 97.8 per cent of houses and units selling in that market making an average profit of $260,000 in the June quarter. The combined profit for houses sold in Hobsons Bay was almost $77 million.
About 2.2 per cent of properties sold in Hobsons Bay did not make a profit. They had a combined loss of about $1.5 million. The average length of ownership (hold period) on Hobsons Bay houses which made a profit is 9.7 years.
In the neighbouring municipality of Maribyrnong, 92 per cent of sales made a median profit of $240,000, with a collective $65 million profit in just three months. The average hold period in Maribyrnong is 9.7 years. Of the 7.5 per cent of properties sold that didn’t make a profit, the median loss was $26,000.
Wyndham vendors have made an average of $107,000 on the 97.5 per cent of properties that drew a profit, with the average loss on the remaining 2.5 per cent being $40,000. Average hold for a profitable property was 8.4 years.
In Melton, the selling of 97 per cent of homes and units left vendors $82,000 on average better off.
Homes in Bayside, in the Victoria’s south, recorded the highest profits in the state, with 94.5 per cent of homes sold drawing an average profit of $557,000.
with Alexandra Laskie
