Home prices head North for pa­tient fam­i­lies

The Sunday Telegraph (Sydney) - - NEWS - AI­DAN DEVINE

HOME­OWN­ERS in Syd­ney’s north and north­west are cash­ing in on a prop­erty mar­ket re­cov­ery, sell­ing their homes for up to $700,000 more than they orig­i­nally paid.

The big­gest wind­falls are in the Hills, Mos­man, Wil­loughby and Ku-ring-gai ar­eas, en­com­pass­ing sub­urbs such as Tur­ra­murra, St Ives and Kil­lara.

More than 90 per cent of Kur­ing-gai sell­ers sold their homes for more than they paid, with ven­dors av­er­ag­ing $690,000 above their pur­chase price, ac­cord­ing to CoreLogic’s Pain and Gain re­port.

Sell­ers in Mos­man made an av­er­age profit of $642,000, Wil­loughby pulled in $585,000, while Hills and north­ern beaches ven­dors earned about $500,000 profit. Typ­i­cal sell­ers in these ar­eas had owned their homes for about nine years.

Prop­erty ex­perts said the wind­falls were due to a re­cov­ery in the hous­ing mar­ket af­ter a near two-year down­turn.

They also ben­e­fited from a pro­longed boom between 2013 and 2017, push­ing prices up by nearly 60 per cent over four years.

Roy and Re­becca Dickson are “ex­cited” about tak­ing their house on Parkes St, Manly Vale, to auc­tion next month. Af­ter buy­ing the prop­erty five years ago, Ms Dickson said: “We were lucky to have even bought it when we did. It was just one of those great finds.

“We were wor­ried for a while that we wouldn’t be able to get as good as price as we might have got two years ago, but it looks like things are im­prov­ing and prices are go­ing up again.”

Pic­ture: Damian Shaw

Re­becca and Roy Dickson pic­tured out­side their home in Manly Vale that they will be tak­ing to auc­tion next month.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.