One of the primary reasons people buy a house (other than for a roof over their head and a place to fill with happy memories) is for the capital gain that can be made when it comes time to sell.
Our conveyancing solicitors were recently doing some research and stumbled across this interesting article that breaks down the capital gain in some of Brisbane's top performing suburbs to a daily figure.
Even more surprising is that this daily figure can be higher than what most people make in a day!
So the question is - Is your home earning more than you?
Where homes earn more than work without owners lifting a finger
HOMES in some Brisbane suburbs are raking in as much as double what the average worker makes in a day — without their owners lifting a finger.
Latest CoreLogic Market Trends showed homes in the majority of Brisbane suburbs were making their owners money every day, with median price rises that delivered more than the average Queensland worker daily.
Inner city Milton was the star performer, delivering a 34 per cent surge in its median house sales price — the strongest rise in Brisbane which saw homes rise $671 a day.
Robertson in the outer South was second, earning a cool $619 a day, with much of the demand there driven by both local and offshore Asian buyers.
The majority of homes in eight Brisbane suburbs were earning more than the average worker who was on about $290 daily according to figures by the Australian Bureau of Statistics.
Anstead ($506.85 a day), Hamilton ($506.85), Wilston ($432.88), Pullenvale ($364.38), Hawthorne ($355.89) and Carina Heights ($337.67) were in the top performers.
Of over 300 suburbs where there were more than 20 sales last year, two were stuck in limbo, with zero growth in Clontarf and Gordon Park, while 55 were in negative territory.
For Jim and Ailie Wagner, next month’s auction of their Milton cash cow couldn’t come at a better time, but they have no plans to leave the booming area.
They have owned their three-bedroom, one-bathroom home, at 71 Baroona Road since 2010 and are keen to stay in the money-making suburb.
Mr Wagner said suburbs such as Milton had been undervalued for sometime now.
“It’s about time we caught up,” he said. “We are planning to upsize as we are expecting our third child. We’d love to stay in this area as Milton has everything.”
Written by News Corp Australia and originally published on realestate.com.au.