This surge in profits is attributed to homeowners holding their properties for extended periods, often since before the price surge in 2020.

Australia's property market is thriving, with long-term homeowners reaping substantial profits; 96% of house sales and 90.7% of unit sales were profitable in the last financial year.

In particular, homeowners in Rossmoyne have achieved remarkable success, with average profits exceeding $1 million, marking the highest property profits in the country.

Nationally, the median profit for house sales is approaching $400,000, with significant gains reported across major cities.

Sydney, Canberra, and Melbourne are leading in dollar returns from house sales, with median profits of $655,000, $435,000, and $397,000 respectively.

In Perth, the median house sale profit has reached $231,000, reflecting a 55% increase over the past year, with 97.1% of sellers making profits.

Rossmoyne leads the profit rankings with a staggering gain of 288%, followed by City Beach at 161% and Willetton at 130%.

The profitability trend extends across major cities, with Melbourne reporting a 97.9% profit rate for house resales, while Brisbane boasts the highest at 99.5%.

Looking ahead, the Commonwealth Bank of Australia predicts potential interest rate cuts starting in late 2024, which may further influence the property market.

The limited supply of homes and increasing population growth are driving up property prices, enhancing profits for sellers, according to industry experts.

Moreover, the trend of homeowners staying in their properties longer has reduced the frequency of short-term sales, contributing to the overall market stability.

Despite the overall profitability, losses in residential property transactions remain rare, with only 4% of house sales and 9.3% of unit sales resulting in losses.