Property sales putting record profit in vendors’ pockets [Video]

Australians are netting record profits from property sales, recent data shows.

CoreLogic’s “Pain and Gain” report for the June 2024 quarter showed resales making median nominal gains of $285,000, a record high going back to the early 1990s.

Of 91,000 resales during the year’s second quarter, 94.5 per cent recorded a nominal gain, one of the highest rates since June 2010.

And profits totalled $31.8 billion during the quarter, up 7.7 per cent on the March quarter.

CoreLogic head of research Eliza Owen said the record median gain was driven by national housing values hitting fresh record highs each month since November last year.

“It also reflects sellers largely being empowered to time their resale for profit, given relatively stable conditions for mortgage serviceability,” Owen said.

Owen said Brisbane claimed the top spot as Australia’s most profitable market, with …