Real estate industry Pain and Gain report shows where Australian property is not

Raymondukelee

Real estate industry Pain and Gain report shows where Australian property is not making a profit
SEPTEMBER 29, 20153:11PM

Surprisingly, across Australia 9.1 per cent of properties sold at a loss last quarter.
KIRSTEN CRAZEnews.com.au
Email a friend
IT’S the great Australian property myth. When it comes to real estate prices, the only way is up.
Well, that might be true of just about any capital city, but step out of the big smoke and there are still spots across the country where selling your home for less than you paid for it is a very real thing.
Today Core Logic RP Data’s Pain & Gain Report shows what we already know — city real estate prices are going up.
But it also points out that there are loads of regions where the reverse is true. That’s right, there are places where Australians are actually selling property for less than they paid for it.
“Across the country’s regional areas, the analysis shows that proportion of loss-making resales is higher than those within the capital cities,” said Cameron Kusher, Core Logic RP Data’s senior data analyst.
“The trends in regional areas are shifting with the proportion of loss-making resales trending lower in areas linked to tourism and lifestyle,” Mr Kusher said.
“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.
What we know: city dwellers are raking in the profits.
What we know: city dwellers are raking in the profits.Source:
In the June quarter, while 30.8 per cent of properties sold for twice what the owner paid for them, 9.1 per cent of homes were sold for less than their purchase price.
The report also highlights that homes which 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.
And not surprisingly, for anyone who wants to see their property really earn its keep, then the longer it is held in the same hands, the better. The study shows those dwellings which more than doubled in profit were owned, on average, for 16.4 years.
While regional Australia fared the worst in the industry report, it appears country NSW is better off than other states. The worst loss-making sales were in regional South Australia, Western Australia and the Northern Territory.
The greatest pain for owners reselling last quarter was seen in:
Mackay, Queensland (46.6 per cent sold at a loss)
Fitzroy, Queensland (35.6 per cent)
Townsville, Queensland (34 per cent)
Outback, Western Australia (32.6 per cent)
Wilde Bay, Queensland (31.9 per cent)
Outback, Northern Territory (30.6 per cent)
Cairns, Queensland (25.3 per cent)
Wheat Belt, Western Australia (24.4 per cent)
South East, Western Australia (23.2 per cent)
Warrnambool and South West, Victoria (21 per cent)


http://www.news.com.au/finance/r ... bawks-1227549220165

ddyouwms

Unfortunately, it's WA and QLD

Raymondukelee

nsw and vic will still be stable