Nearly one-third of homes resold for more than double their previous purchase price in March quarter: CoreLogic

Nearly one-third of homes resold for more than double their previous purchase price in March quarter: CoreLogic
Nearly one-third of homes resold for more than double their previous purchase price in March quarter: CoreLogic

Nearly one third of all homes resold over the March quarter did so at more than double their previous purchase price, with the average gross profit around $239,855 according to the latest Pain and Gain report from CoreLogic.

The report found 90.8 percent of properties resold over the quarter made a profit and 31.9 percent of homes resold for more than double their previous purchase price.

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Nearly one-third of homes resold for more than double their previous purchase price in March quarter: CoreLogic

The report found the proportion of both house and unit loss-making resales across the combined capital cities trended higher over the past quarter.

"Over the quarter, 5.8 percent of house resales and 9.4 percent of unit resales were at a price lower than the previous purchase price," the report noted.

"The data shows that historically capital city houses are much more likely to resell for a profit than units. In fact, there has been no period over which the proportion of loss-making resales was higher for houses than it was for units. 

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Nearly one-third of homes resold for more than double their previous purchase price in March quarter: CoreLogic

"The proportion of loss-making resales has increased across each capital city over the most recent three months.

"While the proportion of loss-making resales has risen, on an historic basis most cities are still seeing quite a low instance of homes reselling at a loss. Perth and Darwin are the exceptions, seeing high proportions of loss-making resales.

"In Perth, 16.3 percent of homes resold at a loss the highest proportion since September 1997 and in Darwin 21.1% of homes resold at a loss, the highest proportion since April 2003."

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Nearly one-third of homes resold for more than double their previous purchase price in March quarter: CoreLogic

Tags: 
Property market Residential Sales

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