The vast majority (90.9%) of Australian residential property sales in the first quarter of 2015 were profitable for the sellers, according to the latest figures from CoreLogic-RP Data.
The analyst’s latest ‘pain and gain’ report further reveals that over 30% of sellers in fact doubled their money, many as a result of significant price gains in capital cities, particularly in Sydney. Only 6.2% of residential properties sold in the state capital cities went for a price lower than their buying price, compared to 14.6% of all sales that occurred in regional areas.
The report says: “Across those homes which sold at a profit, the total value of this profit was recorded at AU$13.8bn with the average gross profit recorded at AU$230,633.”
Houses recorded a significantly lower level of loss-making sales compared to apartment units (7.7% compared to 12.5%).