Home prices head North for patient families
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.”
Rebecca and Roy Dickson pictured outside their home in Manly Vale that they will be taking to auction next month.