Melbourne resales have generated billions of dollars in profit: CoreLogic Pain & Gain

Over the March 2018 quarter, resales of Melbourne properties generated $3.865 billion worth of profits.

There were $33.3 million in losses with the inner Melbourne having the highest number of loss takers, $8 million plus in losses, each property sold at a loss averaged minus $48,000.

According to the latest Pain & Gain report from CoreLogic, Melbourne generated 26% of total resale profits nationally over the quarter as well as producing 7.8% of total resales losses.

Over the quarter; there were no resales at a loss in a number of council regions; Cardinia; Macedon Ranges; Mitchell; Moorabool; Murrundindi and Nillumbik.

The council regions with the highest proportion of resales at a loss were Melbourne, Stonnington and Yarra.

With dwelling values now starting to fall, particularly for houses, the share of houses and units resold for a loss rose over the quarter.

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