State’s savvy sellers are building wealth
HOPEFUL VENDORS: Tania and Rubinderbider Singh at their house in SunnybanSunnybank Hills, which is up for auction today. Picture: Steve Pohlner/AAP SELLERS in Brisbane and the Gold and Sunshine coasts have pocketed hundreds of thousands in profit in the first half of this year and experts predict much more to come across the southeast.
A surge saw Brisbane sellers net between $172,000 and $175,000 in median gross profit in the six months to June, according to CoreLogic analysis for The Sunday Mail.
Homeowners have raked it in across the region, with Greater Brisbane – made up of the council areas of Brisbane, Logan, Redland, Moreton and Ipswich – drawing the bulk of the winnings.
Greater Brisbane homeowners made $1.821 billion in gross profit in the June quarter and $2.036 billion in the March quarter.
Logan homeowners saw median profit of $93,250 to $97,250 over the two quarters; Ipswich was at $65,000 to $68,000; Redland $109,350 to $115,000 and Moreton $90,000 to $90,250.
The coastal zones were strong, with Gold Coast sellers landing median profit between $125,000 and $127,500, while on the Sunshine Coast they were looking at between $131,000 and $142,750.
Returns were also good on the southeast fringes, with Lockyer Valley drawing $94,500 to $120,000, Somerset $55,000 to $78,000 and Toowoomba $71,000 to $73,625.
The strongest result was Scenic Rim, where the highest median profit of all the council regions emerged between $212,500 and $239,000.
CoreLogic research head Tim Lawless said profits grew the longer homes were held.
“The Scenic Rim showed a very long average hold period, with the typical vendor having owned their home for 15½ years before selling. Such a long average hold period has pushed the typical gross profit higher,” he said.
Brisbane homeowners Tania and Rubinder Singh are among those hoping for a solid profit, with their house at 82 The Avenue, Sunnybank Hills, set to be auctioned off at 11.30am today.
“There’s been big interest in the property,” Mr Singh said of the house, which they bought four years ago.
“We did a lot. It was a sixbedroom house before, then we extended it and now it’s five bedroom.”