Markets in a ‘sound’ state despite shift: PIPA
The winds of change are sweeping through the country’s real estate market, but for Property Investment Professionals o...
Over one in 10 property resales resulted in a loss in the September quarter, according to research from RP Data.
Over 69,949 residential properties were resold in this period. Of these sales, 11.1 per cent went for a price lower than their original purchase price.
This is a slight improvement from the September quarter in 2012, when 13.1 per cent of resales netted a loss.
The average loss-making transaction went for $62,726 below the original purchase price.
Overall, the unit sector performed worse compared to detached houses.
Lifestyle regions showed the largest proportion of losses on resales.
Queensland’s far north recorded the worst results, with 33.9 per cent of homes selling for less than their purchase price.
The Gold Coast landed in second place.
By contrast, regional areas impacted by the commodities boom and most capital cities generated the greatest profits for owners.
North west and south west Queensland, as well as Sydney and , recorded losses in less than five per cent of resales.