Homepage
PR Newswire
17-06-2014, 01:26 PM
Sydney has least loss-making sales
Michael Bleby
334 words
17 Jun 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Sydney is leading the national housing pick-up by having the smallest proportion of dwellings sold at below their previous purchase price, according to the latest figures from RP Data.
It may not be surprising in the light of reports that the NSW capital's housing market is going gangbusters, but a new report shows that just 3 per cent of transactions were loss-making resales in the March quarter, down from 6.9 per cent a year ago. This was the lowest level since December 2003.
In Melbourne, the 7.4 per cent figure was down from 9.3 per cent a year ago, but up from 6.1 per cent in December.
While the proportions varied by city, there was a reduction from a year ago in Perth, Darwin, Brisbane, Adelaide and Hobart, marking an improvement nationally in capital city resales to 6.5 per cent from 9.4 per cent.
Only Canberra showed a year-on-year deterioration, up to 7.1 per cent from 6.2 per cent.
An improvement was also clear in regional markets, as residential properties in agricultural areas performed better. The overall regional figure fell to 16 per cent from 18.2 per cent a year ago.
The hardest-hit areas are lifestyle regions such as Queensland's Wide Bay, where the 30.6 per cent of loss-making resales in the Bundaberg-Hervey Bay region was the country's biggest. "These areas continue to show the largest proportion of loss-making resales, particularly within the unit markets as opposed to detached housing markets," RP Data research analyst Cameron Kusher said.
In the three months to March, 9.8 per cent of Australia's 64,518 residential property resales recorded a loss from their previous purchase price.While slightly up from the 9.7 per cent of the December quarter, it was lower than the 12.4 per cent recorded over the same period a year ago.
Fairfax Media Management Pty Limited
Michael Bleby
334 words
17 Jun 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Sydney is leading the national housing pick-up by having the smallest proportion of dwellings sold at below their previous purchase price, according to the latest figures from RP Data.
It may not be surprising in the light of reports that the NSW capital's housing market is going gangbusters, but a new report shows that just 3 per cent of transactions were loss-making resales in the March quarter, down from 6.9 per cent a year ago. This was the lowest level since December 2003.
In Melbourne, the 7.4 per cent figure was down from 9.3 per cent a year ago, but up from 6.1 per cent in December.
While the proportions varied by city, there was a reduction from a year ago in Perth, Darwin, Brisbane, Adelaide and Hobart, marking an improvement nationally in capital city resales to 6.5 per cent from 9.4 per cent.
Only Canberra showed a year-on-year deterioration, up to 7.1 per cent from 6.2 per cent.
An improvement was also clear in regional markets, as residential properties in agricultural areas performed better. The overall regional figure fell to 16 per cent from 18.2 per cent a year ago.
The hardest-hit areas are lifestyle regions such as Queensland's Wide Bay, where the 30.6 per cent of loss-making resales in the Bundaberg-Hervey Bay region was the country's biggest. "These areas continue to show the largest proportion of loss-making resales, particularly within the unit markets as opposed to detached housing markets," RP Data research analyst Cameron Kusher said.
In the three months to March, 9.8 per cent of Australia's 64,518 residential property resales recorded a loss from their previous purchase price.While slightly up from the 9.7 per cent of the December quarter, it was lower than the 12.4 per cent recorded over the same period a year ago.
Fairfax Media Management Pty Limited