Tourism hotspots worst for resale value
Vendors across the country’s holiday markets are the most likely to make a loss from reselling their property, new research from RP Data has revealed.
The Pain and Gain report analyses the areas where resales resulted in a loss to the owners.
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Nationwide, 9.8 per cent of property sales went for less than the original purchase price.
Vendors in the lifestyle regions suffered most, particularly in the unit sector, RP Data research analyst Cameron Kusher said.
Queensland dominated the list, with the Wide Bay region identified as the nation’s worst.
In this area, which includes the scenic Fraser Coast, 30.6 per cent of properties sold for less than the owner initially paid.
Further north, over 28 per cent of sales were financial losses in Townsville and Cairns, while 23.3 per cent were losses in Mackay.
The tourist-driven south east corner also recorded a high proportion of unfavourable sales, with 25.6 per cent of Gold Coast sales and 23.2 per cent of Sunshine Coast sales a loss to the owner.
Other regions with poor sales results included NSW’s Richmond-Tweed (22.3 per cent), west and north Tasmania (20.2 per cent), the Wheat Belt in WA (19.9 per cent) and South Australia’s south east (19.8 per cent).
On the other side of the equation, capital cities and major population centres proved to be the most profitable regions.
In Sydney, only three per cent of sales resulted in a loss, while Perth and Darwin loss-making sales were at five per cent and 6.6 per cent respectively.
In Bendigo, Illawarra, Geelong and Newcastle, vendors lost money in less than four per cent of sales.
Meanwhile, in Toowoomba, Ballarat and New South Wales’ central west and central coast, between 4.5 per cent and 6.6 per cent of sales resulted in a financial blow to the vendor.
