RP Data: Sale profits for property increase across Sydney

Sydney has always been a hotspot for real estate. With the growing population, strengthening economy and increasingly diverse number of dwellings popping up across the New South Wales capital, there are a number of opportunities appearing within the region.

The latest RP Data release has highlighted the high profits received by sellers across the nation, with Sydney performing exceedingly well overall. The number of people earning a great return on the initial price paid for their property is growing.

For example, during the September quarter in Sydney, only 4.8 per cent of homes sold for less than their original prices - a dramatic decrease from 8.3 per cent a year earlier.

In the Leichhardt region, this drops to 3.2 per cent. This means that 96.8 per cent of properties sold in the area achieved a profit, with the median return on sales being $310,000 more than the original purchase price.

This could highlight a fantastic opportunity for anyone considering property sales in the area to secure a great profit on their home. Furthermore, the report has detailed a direct relationship between the length of ownership and the size of the profit.

The report detailed that properties that recorded a loss had been owned for an average of only 5.2 years, while those that experienced a profit were owned for an average of 9.7 years.

Homes that achieved a return of 100 per cent or more of their original purchase price were held for 15.8 years, which could highlight a potential investment opportunity in the local real estate markets.

Nationwide, during the September quarter, 30.5 per cent of all successful property sales resulted in the sellers receiving 100 per cent of the amount of money spent on the original purchase, further incentivising the sale of Sydney's Inner West real estate.