Windfall for boom sellers

BRISBANE homeowners who sold during the peak of the property boom made a $200,000 profit by capitalising on the city’s hottest market in history, new research reveals.

Analysis of the market by Place Advisory, which measured the average price increase multiplied by the number of sales in the 12 months to February, reveals house sellers made an average windfall of $198,000 from 57,993 total sales.

LGA sales data from REA shows all but two council regions saw a healthy profit for house sales when comparing May 2021 to May 2022. The only two that saw a drop in prices were Cook and Central Highlands, down $10,000 and $17,000 respectively.

In Cairns, the median house price bounced 12.4 per cent to $500,000, up from $445,000, according to REA.

It comes as a new ANZ report reveals households are in a strong position to weather higher interest rates.

ANZ economists Felicity Emmett and Adelaide Timbrell said households were, on average, “well ahead” on their mortgage repayments.