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.
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.
"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."
