Owner occupiers raked in a median gain of $255,000 while investors made $165,000 in profits on the sale of their property according to CoreLogic's Pain and Gain report.

“As property values rose across each state and Territory through the December quarter, buoyed by a cash rate reduction through November, the value of profits also increased substantially," said CoreLogic's Head of Research Eliza Owen.

Nationally, 89.9% of properties sold at a profit in the December quarter with total gains from resales rising to $31.9 billion, up from $24.8 billion in the previous quarter.

"The results are particularly significant given the uplift in sales volumes in the 3 months to December, much of which was driven by an increase in transaction activity across Melbourne," Ms Owen said.

"Sales and listings increased remarkably across the city, as the economy emerged from the weakness associated with the extended lockdowns."

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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Every capital city recorded a rise in the number of properties being sold for a profit, but it was Melbourne and Hobart that emerged as the most profitable cities. 

Hobart was the clear stand out, with 97.2% of properties being sold for a profit. 

Melbourne saw the second highest rate of properties being sold for a profit at 94.3%, reflecting the turn in Melbourne house prices which rose 1.5% as the city emerged from lockdowns.

Regional Australia continued to outperform their capital city counterparts, evidence of the emerging trend of buyers moving from capital cities.

See also: The rise of regional property during COVID

The number of properties that sold above the purchase price rose to 90.7%, up from 89.3% in the previous quarter.

That same number (89.3%) of capital city properties also sold above the purchase price. 

"However, capital city profitability has bounced back more rapidly from the September quarter, when profit making sales accounted for 87.5% of transactions," Ms Owen said. 

On a national level, the combined losses from resales shrank from $1.2 billion to $1 billion from the September to December quarter.  

Which Sydney, Melbourne and Brisbane suburbs saw the biggest price changes? 

House prices across the country are surging, but prices in Sydney, Melbourne and Brisbane in particular are reaching record highs.

Median house prices rose 6.7% annually across Sydney houses, 3.9% in Melbourne houses and 5.6% in Brisbane houses, according to Domain research.

Sydney suburb price growth

In Sydney, the median house price hit a new record high of $1,211,488, with house prices rising across almost all Sydney suburbs.

Of the suburbs Domain mapped, 94% saw growth while 43% recorded double-digit annual growth.

Leading the suburbs with the strongest growth was Alexandria, where prices surged by 30.6% to $1.9 million over the 12 months to December 2020.

But house prices in Marsfield fell as far as 10.1%. 

Melbourne suburb price growth

In Melbourne, the median house price hit a new record high of $936,073 – $28,000 above the previous record in early 2020. 

House prices in Blairgowrie increased by 24.8% over the 12 months to December, while the suburb of Clayton saw the steepest decline of 11.1%.

Brisbane suburb price growth

Across Brisbane, the median house price hit a new record high of $616,387 by the end of 2020. 

Suburbs that had the strongest rates of growth were recorded in Thorneside, where prices soared by 28.5%. 

Virginia, Highgate Hill, Carina Heights and Yeronga also recorded strong growth, with house prices surging more than 20% in the year to December. 

"The rising interest from interstate buyers and the movement of residents from regional Queensland into Greater Brisbane will continue to support demand," said Domain senior research analyst Dr Nicola Powell.

"Outer suburban and lifestyle areas will be the main beneficiaries."

However, 15% of suburbs recorded a fall in the media house price over the year, with the deepest fall of 8.4% recorded in Ormiston and Burpengary East.

Image by Steve Doig on Unsplash

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