Rising resale rates highlight sale potential for Leichhardt property

Now could be a great time to consider selling your Balmain real estate in Sydney's Inner West suburbs, with the latest report from RP Data highlighting the rising profits from property resales seen during the final months of 2014. These growths are expected to continue well into the new year, which could be a lucrative return for those with real estate in the region. 

Lifestyle regions have been highlighted as the strongest markets for profits across the nation. For example, across Australia there were 74,595 properties sold during the final three months of 2013. 90.3 per cent of these sold for a profit over their original purchase price, with 31.8 per cent of these selling for at least double their original price. 

Nationwide, the total gross profits earned from these properties rose to $15.2 billion - or $225,088 per home - which is a great average result for the entire country. More specifically, the Leichhardt Council region saw 98.5 per cent of all properties resold during the final quarter of 2013 earning a profit. Furthermore, the average profit per home in the local area was $360,500, higher than the national average. 

The region saw a total profit of $120,765,215 over those three months. This could signify a shifting real estate paradigm, with these results continuing to grow and last well into 2014. The report also illustrated a relationship between the length of time a property was owned and the probability of securing a profit upon resale. 

Across the nation, it was found that the longer someone owned a property, the higher the chance of them earning a profit. For example, the average ownership period for homes that suffered a lost were held for 5.3 years, while those earning a profit were held for an average period of 9.9 years.