Hunters Hill and Botany Bay sales have 100% success rate in December quarter: CoreLogic RP Data

Hunters Hill and Botany Bay sales have 100% success rate in December quarter: CoreLogic RP Data
Jessie RichardsonDecember 7, 2020

Just 2.4% of Sydney resales in the December quarter made a loss, according to CoreLogic RP Data.

The effects of Sydney's boom seemed to fade at the edges of the city. Central Coast regions Wyong (6.8%) and Gosford (6.0%) recorded the highest proportions of loss-making resales of any Sydney region (CoreLogic RP Data includes Central Coast suburbs in its Sydney analyses). Pittwater also recorded a 6% loss rate.

Just two council areas had a 100% success rate over the quarter: Hunters Hill and Botany Bay.

In the latest Pain and Gain report, CoreLogic RP Data noted that the chance of making a gross profit increased with a home's holding time. Profit-making properties were held by the vendors by an average of 10.2 years, and homes that sold for over double their purchase price were held of an average of 16.8 years.

In Hunters Hill, the average hold period for homes sold in the December quarter was 10.5 years. The median profit made on resales was $680,000.

Similarly, the average hold period for a Botany Bay house sold in the final 2014 quarter was 11.3 years. The median profit there was more modest, at $299,500.

Botany Bay

The Botany Bay council region includes Botany, Botany Bay, Banksmeadow, Daceyville, Eastgardens, Eastlakes, Hillsdale, Mascot, Matraville, Pagewood and Rosebery.

The median price of a Botany house was $971,500 in January 2015, according to CoreLogic RP Data, while the median unit price was $700,000.

The vendors of 29 Brighton Street in Botany (pictured above) sold it for $865,000 in December last year. They paid $525,000 for the three bedroom house in September 2007, with last year's sale resulting in a gross profit of $340,000.

6 Livingstone Avenue in Botany was another property that sold for a gross profit recently.

Source: CoreLogic RP Data

In February, the property sold for $1,175,000 after being held for 36 years by the vendors, who purchased the home for just $42,500 in 1979.

Hunters Hill

The Hunters Hill local government area includes Henley, Hunters Hill, Huntleys Cove, Huntleys Point and Woolwich.

Houses in the suburb of Hunters Hill sold for a media price of $1,909,000 in January 2015, while units sold for a median price of $1,085,000.

62 Park Road in Hunters Hill sold for $1,890,000 in November. The vendors paid $410,000 for the character home on a 803 square metre block in 1992. Over their 22 years of ownership, the home's value increased by 361%.

The vendors of 42 Bonnefin Road in Hunters Hill held their home for a much shorter time, selling it in November 2014 after five years of ownership.

The two storey home sold for $1.89 million late last year. The vendors paid $1,585,000 in December 2009, with last year's sale resulting in a gross profit of $305,000.

Almost a third of Sydney homes sold in the December quarter sold at least double their purchase price.

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