PHOTO: The vendor of 98 Malcolm Street in the Brisbane suburb of Hawthorne scored $375,000 capital gains in 12 months after selling the home for $2.265 million. 

Rich owners are raking in millions of dollars in gains by reselling luxury homes as little as seven months after buying them to take advantage of rapid price rises at the upper end of the market.

While real estate held over the long term typically delivers bigger returns, the surge in house prices in recent months has made flipping them more quickly enormously profitable.

In Sydney, the vendor of 3/85 Raglan Street in Mosman grossed $1.5 million in selling the property for $6 million after buying it for $4.5 million in July last year.

The vendor pocketed $1.15 million gross profit in just 16 months after flipping this home at 5 Elfred Street, Paddington, for $3.75 million. 

The Victorian cottage at 5 Elfred Street, Paddington, was resold for $3.75 million 16 months after the vendor bought it for $2.6 million 16 months ago, just before COVID-19 hit.

The owner of 18 Mandolong Road, Mosman, pocketed $1.94 million in gross profit in 20 months after selling the property for $7.99 million. The home was purchased for $6.05 million in November 2019.

A home at 10 Vincent Street, Balmain, was sold for $4.68 million last month – a $580,000 gross profit in seven months for the seller, who bought the property for $4.1 million last November.

In Brisbane, the vendor of the home at 98 Malcolm Street, Hawthorne, bagged $375,000 capital gains in 12 months after selling the home for $2.265 million. The owner of 11 Henry Street, Ascot, scored a $700,000 gross profit after selling the property after 14 months.