Properties with the weakest growth before the current downturn, such as apartments and homes in mining towns, are showing bigger losses on resale.
The median home sale loss widened to $40,000 in the September quarter as falling prices, especially in Sydney, increased the number of unprofitable sales, new CoreLogic figures show.report showed the median loss expanded from $33,500 in the three months to June and that the proportion of profitable sales fell to 93.3 per cent of the national total, down from 93.9 per cent in June and from 94.2 per cent in the three months to May.
Weaving its way through weakness: Perth, which suffered a long period of housing price declines before the COVID-19 boom, accounted for 21 per cent of all loss-making home sales in the September quarter. “While it’s true the recent decline in home values increases the chances of vendors selling at a loss, even properties held for less than two years had a median resale gain of $121,000 in the quarter.”The city with the most loss-making sales was Perth, which by itself accounted for 21 per cent of the national total in the analysis of 83,000 resales.
“The median hold period of properties across Perth that sold at a loss was 8.8 years, suggesting that sales may have been more the result of voluntary movement, rather than a recent purchase that has become unsustainable amid the higher interest rate environment,” it said.
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