According to Domain’s Profit and Loss report, House sellers across Australia made record profits in the past financial year, with the average gross profit reaching $326,000. A remarkable 96% of house sales were profitable, the highest level in 16 years, while 90.7% of units also sold for a profit, the highest in 13 years.

Nicola Powell, Domain’s chief of research and economics, expects even bigger profits next year as home values continue to rise. “We could see further increases in profitable sales in most capital cities as prices rise, although at a slower pace,” she said.

Sydney dominated the market, with every seller in 32 of 43 suburbs pocketing over $1 million in gross profits. In suburbs like Davidson and Mona Vale, sellers made between $1.2 million and $1.3 million. Outside Sydney, sellers in Melbourne’s Malvern, Adelaide’s Westbourne Park, and Perth’s Rossmoyne also saw over $1 million in gains. “These results show that homeowners are walking away with large profits, cementing property as a reliable means of building financial wealth,” Powell added.