Despite pockets of weakness in Sydney and Melbourne, Australian homeowners are experiencing a surge in profitability. A new report reveals that 95% of homeowners made a profit on their sales in the September quarter.
Australian homeowners were even more likely to make a profit than usual if they sold their homes in the September quarter, new data shows. But the improving national picture comes courtesy of a property boom in Perth and Brisbane that masks pockets of weakness in areas of Sydney and Melbourne . The rate of profit-making sales hit 95 per cent in the September quarter, up from 94.
5 per cent in the previous quarter, CoreLogic’s Pain and Gain report for the September quarter, released on Wednesday, showed. National home values rose 0.8 per cent in the quarter.The decline was largely driven by the unit market, in which loss-making sales fell to 9.4 per cent in the September quarter, down from 10.8 per cent in the previous quarter. It is also down from a recent high of 15.2 per cent in the March quarter of 2023.Perth led the biggest quarterly decline in the rate of loss-making unit resales across the capital cities, where it almost halved from 11.6 per cent to 6.4 per cent, as unit values rose 5.1 per cent.The local government areas with the highest rate of loss-making sales included Parramatta (22.8 per cent), Strathfield (20.9 per cent), Ryde (20.9 per cent), Burwood (19.2 per cent) and Cumberland (12 per cent) – all areas with pockets of high density.Despite Melbourne’s downturn, profitability has held up for 90.1 per cent of sellers in the city. But it also meant it had the highest incidence of loss-making sales, outside of Darwin, at 9.9 per cent. The apartment-dense City of Melbourne held the highest rate of loss-making sales with 43.7 per cent of sales in the three months to September. It was followed by Stonnington, where 32.6 per cent of homes sold at a loss, then Yarra (20 per cent), Port Phillip (20.8 per cent) and Maribyrnong (17.8 per cent).While the national gap of loss-making sales between houses and units is narrowing, the latter are still three times more likely to sell at a loss. Only 2.9 per cent of house vendors sold for a loss compared to
Profitability Australian Housing Market Property Sales Perth Brisbane Sydney Melbourne Corelogic Pain And Gain Report
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