‘Great place to live': The Melbourne region where home sellers made the most money
According to the latest Pain & Gain Report from Cotality (formerly CoreLogic), 11.3 per cent of all Melbourne home sales were loss-making in the March quarter. However, sellers in the City of Bayside local government area (LGA) made a median profit of $608,000, the highest average profit across all Melbourne regions.
This was almost $80,000 above the second most profitable LGA, Nillumbik Shire, at $528,500. In third place was Manningham Council, with a median profit of $520,000.
Bayside is home to 'blue-chip' suburbs including Brighton, Sandringham and Hampton, and this contributes to why it made the most profit, said Eliza Owen, Cotality head of Australian research.
'Because it contains blue-chip areas of the Melbourne market, over time, because of their desirability and scarcity of housing, it has accrued a lot of value,' she said.
Owen said this return had been consistent despite slower growth rates in the area.
'Because it is inherently a blue-chip market, it reliably returns very decent profit, particularly for house owners who have been in the area for a long time,' she said.
The median hold period in Bayside for profit-making sales – the period during which a home is owned before selling – was the longest of Melbourne's LGAs, at 13.4 years.
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