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Report reveals the pains and gains in the Australian property market

7 Oct 2015 cathrynmcdonnell 0 Comment

house keyThe latest CoreLogic RP Data Pain and Gain property report has been released for the June quarter, revealing where the biggest property gains can be found around Australia.

As you would expect, the biggest gains were found in the capital cities, with 95 per cent of capital city sales recording gains, compared to 87.5 per cent for regional areas.

However, not everyone made gains. In the June quarter, 30.8 per cent of properties sold for twice what the owner paid for them, while 9.1 per cent of homes sold for less than their purchase price.

“We’ve seen the proportion of loss-making resales continue to trend lower over recent months which are mirroring broader housing market conditions where values generally continue to rise,” said Cameron Kusher, Core Logic RP Data’s senior data analyst.

“Across the country’s regional areas, the analysis shows that proportion of loss-making resales is higher than those within the capital cities and trending lower in Regional NSW and fairly flat in most other areas except for Regional SA, Regional WA and Regional NT where loss-making sales are trending higher,” Mr Kusher said.

“The trends in regional areas are shifting with the proportion of loss-making resales trending lower in areas linked to tourism and lifestyle.

“On the other hand, housing markets linked to the resources sector are generally seeing an increase in loss-making resales after housing market conditions in many of these locations have posted a sharp correction,” he said.

The report also revealed that property is best held onto for the long term. Properties that were sold at a loss were owned an average of 5.3 years while homes making a profit were kept for an average of 9.9 years.

But if you really want to see some capital gains, then the longer you own your home the better with the report showing that the dwellings that more than doubled in price were owned, on average, for 16.4 years.

More highlights from the report:

To view the full CoreLogic Pain & Gain Report click here.

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