Mixed result in Perth's Peppermint Grove: CoreLogic RP Data

It was a 50/50 split in Perth's affluent Peppermint Grove in the December quarter, according to the latest CoreLogic RP Data Pain and Gain report.

The research firm only recorded two home sales in the local government region in the final quarter, with one loss and one profit-making sale.

The vendors of 5/22 Stirling Street (pictured below) in Peppermint Grove lost out on their November sale. The unit sold for $380,000, $15,000 less than their December 2011 purchase price of $395,000.

The property's price reached its peak in 2009, when it traded for $415,000. Since 2007, the unit has been used as a rental property. In September 2007, it was advertised to rent at $320 per week, but in late 2008 its advertised rental rate descended to $300 per week. It's now rented out for $380 per week, with it selling in November at a 5.2% yield.

While CoreLogic RP Data only recorded two sales  in Peppermint Grove for the December quarter, a search through listings reveals more, including the sale of 46R Irvine Street (pictured below), which sold in November. The home sold for $2.5 million, with the vendors paying $1.68 million in 2005.

While Peppermint Grove's low sales volumes gave it the highest proportion of loss-making sales for the quarter, as recorded by CoreLogic, other regions had many more happy vendors. In the south-eastern region of Canning, which includes Cannington, Parkwood, Queens Park, Shelley and Wilson, only 1.4% of home resales made a loss.

Those that did make a loss had an average hold period of 1.9 years, with a median loss of $14,000. For profit-making sales, the average hold period was 9.5 years, with a median profit of $298,000. In total, Canning vendors made $87.4 million in the December quarter.