Rossmoyne homeowners have emerged as the biggest property winners in the nation, with those who sold in the past year pocketing extraordinary average profits of more than $1 million.
Domain’s Profit and Loss Report has revealed the riverside suburb recorded a median house sale profit of $1.01 million in the 2023-24 financial year, representing a phenomenal 288.6 per cent median gain on the sale of their home.
Located within one of the city’s most coveted school catchments, Rossmoyne has consistently been one of Perth’s most tightest held suburbs, with homeowners staying in their properties for an average of 16 years.
One home that sold for $1.49 million in the past 12 months was previously sold 26 years ago for just $350,000. Meanwhile, a modest family home that hit the market for the first time in 25 years sold for $1.2 million in 2024. Its previous sale price was just $130,000.
“The thing that can really bump up profit is riding the waves of many property cycles, but also the length of time that you’re obviously in that property, and particularly in those tightly held areas, it means that they are not transacted very often, and when they do come up for sale, people compete,” Domain chief of research and economics Dr Nicola Powell said.
“Buyers really compete to gain access to that particular suburb, because it’s obviously highly desirable for one reason or another.”
More broadly, sellers across Perth have reaped the benefits of the city’s soaring property market with 97.1 per cent making a profit on the sale of their homes. This is 20 per cent higher than five years ago, when more than 20 per cent of homeowners were selling at a loss.
The median house sale profit for Perth was $231,000, representing an impressive 55 per cent increase in the last year. Apartment owners have also benefited from overheated market conditions, with 91.1 per cent of units reselling at a profit.
“Over that five year lens, Perth is leading. It’s seen the biggest gain in the proportion of homeowners walking away with a profit,” Dr Powell said.
“I think what that really showcases is probably the doldrums that Perth’s property market previously was in, and the fact that we’d seen such a significant period of time where Perth’s property market had under-performed.
“The change has been vast for Perth and when you look at the proportion of profit making resales, it’s the highest since 2008 for houses and since 2015 for units, which really shows the turnaround that Perth’s housing market has seen in recent years.”
Suburbs with the largest house sale profit
Rossmoyne $1.01 million, 288.6%
City Beach $865,605, 161.8%
Willetton $608,000, 130.5%
Bull Creek $680,000, 120.1%
Duncraig $618,000, 118.8%
Nedlands $770,000, 114.5%
Kallaroo $602,500, 114.2%
Oakford $650,000, 100.8%
Cooloongup 91.6%
Furnissdale $269,000, 91.2%
Source: Domain