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Sydney suburb making $585k profits on properties

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Sydney suburb making $585k profits on properties

by Sam O Connor 17 November 2020 1 minute read

Northern beaches units have grown more in value in a year than almost every other region in the country.

Sydney suburb making profits on properties
November 17, 2020

Fresh figures from realestate.com.au show that the new median price for a unit on the northern beaches is $945,000 – up 10.5 per cent in 12 months and the seventh highest unit increase nationwide.

The average resale profit for units, townhouses and houses on Sydney’s northern beaches was $585,000, and nearly 96 per cent of sellers made money off their sale.

Owners in these areas typically owned the home for around seven or eight years before deciding to sell the property.

Last year, there was a glut of units on the northern beaches, especially in Dee Why, but the number of units for sale on the beaches has dropped from 534 in July to 329 this month.

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Agents point to a rush of recent sales, mostly from first home buyers. Young professionals from all over Sydney are seeking beach suburbs for lifestyle and are buying promptly, often with help from the bank of mum and dad.

Sydney suburb making $585k profits on properties
Sydney suburb making profits on properties
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Sam O Connor

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