Homeowners in Sydney's northern and north-western suburbs seem to have taken a wait-and-see approach, allowing them to cash in on the recent recovery in housing values.
Sellers in council areas such as the Hills, Mosman, Willoughby, and Ku-ring-gai managed to get substantial windfalls from property sales, earning as much as $700,000, according to CoreLogic's Pain and Gain Report.
The study said nine in 10 properties in Ku-ring-gai were sold for more than they were worth, with an average vendor getting $690,000 in profit.
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Vendors in Mosman saw average earnings of $642,000, while those in Willoughby, Hills, and northern beaches saw average profits of $500,000.
Most sellers in these areas had owned the properties for roughly nine years. Furthermore, they benefitted from the "prolonged" housing boom between 2013 and 2017, which boosted housing values by up to 60%, according to the study.
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The recent housing recovery, which helped offset the losses during the short downturn, has contributed to the equity of many homeowners, the report said.
A separate CoreLogic report revealed that home prices in Sydney grew by 1.7% in September. The report said one of the biggest contributors to the city's continued growth is the increasing participation of investors in the housing market.
