CORELOGIC shows the areas with the greatest share of loss were recorded in Strathfield, Parramatta and Ryde.
RESEARCH DINAH LEWIS BOUCHER TUE 09 JUL 19
Australian Homes Resold at a Loss Highest Since 2013
While the majority of properties that resold over the March quarter sold at a profit, data shows 12.1 per cent of resales across Australia transacted at a loss, representing a six-year high.
Corelogic data shows this portion is the highest share of loss-making sales since the March 2013 quarter.
“Australia had a total of $486.8 million in realised gross losses from resales over the March quarter,” CoreLogic’s research analyst Cameron Kusher said.
“Every capital city saw an increase in the share of loss-making resales for the period compared to the previous quarter.”
For the combined capital cities, the total value of resales made at a profit was $10.156 billion. Based on these figures, sales for the combined capital cities represent 70.9 per cent of the total value of all profits for the March quarter.
In comparison, the total value of losses across the capital cities was $378.3 million for the quarter, 64.5 per cent of the total value of losses nationally.
Sydney regions with highest portion of loss: March quarter
|Sydney council areas with highest portion of loss||% of sales||Total value of loss|
The resale of properties made at a profit was worth $3.479 billion for the first quarter in Sydney, accounting for 24.3 per cent of all national resales at a profit.
The total value of resales at a loss was recorded at $116.5 million, reflecting 19.9 per cent of the total value of national home sales at a loss.
*Corelogic shows the areas with the greatest share of loss were recorded in Strathfield, Parramatta and Ryde.
Melbourne regions with highest portion of loss: March quarter
|Melbourne council areas with highest portion of loss||% of sales||Total value of sales|
Resales of Melbourne properties generated $3.363 billion worth of profits and $44.8 million in losses for the March quarter.
Melbourne generated 23.5 per cent of total resale profits nationally over the quarter, with no resales loss in Macedon Ranges and a small proportion recorded in Banyule, Melton and Moorabool.
Sales made at a loss in Melbourne were 7.6 per cent.
The council regions with the highest proportion properties sold at a loss located in Melbourne, Stonnington and Yarra.
Brisbane regions with highest portion of loss: March quarter
|Brisbane council areas with highest portion of loss||% of all sales||Total value of loss|
“In Brisbane resale losses haven’t been this high since November 2013,” Kusher said.
The Brisbane regions with the highest proportion of resale losses were Brisbane, Somerset and Logan.
Brisbane generated 9.1 per cent of the total value of resale profits nationally for the March quarter and 6.3 per cent of the losses.
AUTHOR Dinah Lewis Boucher