Outer Perth suburbs like Bassendean and Joondalup are rising the ranks of postcodes with high returns on the vast majority of homes sold at a profit, according to a new report.
Most Perth properties sold in the September quarter made a profit – 98.2 per cent, according to Cotality’s latest Pain and Gain report, which examined about 100,000 property resales across the nation down to the local government area level.
Perth ranked third in the nation for profitability, behind Adelaide (99.3 per cent profitable sales) and Brisbane (99.8 per cent).
The Town of Cottesloe, perhaps unsurprisingly, posted the highest returns in Perth with a median profit of $1 million.
In the City of Melville, 97.8 per cent of properties sold in the September quarter made a profit, with the median coming in at $527,500.
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However, in the Town of Bassendean, all sales recorded made a profit, according to Cotality, with the median profit being $422,500. The median amount of time owners held on to their properties was 11.2 years.
And in the City of Joondalup, where 99.8 per cent of sales came out on top, the median profit was $525,000.
The tiny riverside local government of East Fremantle saw a median profit of $650,000 on the 95.5 per cent of profit-making sales. There, the median hold time was 15.9 years.
