Almost every property seller made a profit, and the chance of gains improved, in four regional towns that have gone against the trend.
More than 98 per cent of sales in Newcastle and Lake Macquarie were for a nominal profit.Is the Australian property market always a sure bet? In most major regional towns, homeowners were more likely to sell their properties for a loss last quarter than they were three months ago.
CoreLogic research director Tim Lawless said owners making a profit on the sale of their home were typically benefiting from long-term property price trends, including the explosion of prices in regional towns during the early pandemic periods when Australians fled lockdowns in major cities. This was more than the national figure of 92.8 per cent over the same period. Of 528 Ballarat sales, just four were at a loss.On the Gold Coast, 98.7 per cent of resellers made a nominal profit, up from 98.2 per cent. Newcastle and Lake Macquarie had 98.2 per cent of sales make a profit, which rose from 97.9 per cent.
“We are finding if you bought in 2021, and they try to resell they’re breaking even,” he said. “It stands to reason people will just break even or get a little increase from what they paid. It’s positive that people aren’t losing.” Interstate buyers are still arriving, albeit not at the same pace as during the lockdown years, drawn by the lifestyle and job opportunities, he said.
“Of course there’s cases where people may have overextended or paid too much and have had to get out of it, but it’s not common,” he said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The popular tree- and sea-change towns where homeowners are almost onto a sure thingAlmost every property seller made a profit, and the chance of gains improved, in four regional towns that have gone against the trend.
Read more »
Commonwealth Bank to cut almost 200 jobs after record profits, union claimsCommonwealth Bank is cutting almost 200 jobs in Sydney, Melbourne and Perth, unions claim, despite posting a record full-year profit of $10.2 billion.
Read more »
‘Almost like injecting a drug’: Sunlight seems to protect us from depression, anxietyPeople who get more light during the day and less at night are less likely to suffer from mental health issues, a study has found.
Read more »
‘Almost like injecting a drug’: Sunlight seems to protect us from depression, anxietyPeople who get more light during the day and less at night are less likely to suffer from mental health issues, a study has found.
Read more »
‘Almost like injecting a drug’: Sunlight seems to protect us from depression, anxietyPeople who get more light during the day and less at night are less likely to suffer from mental health issues, a study has found.
Read more »
Roberts-Smith to pay almost $1 million to continue defamation fightThe former SAS corporal has agreed to pay security for Nine newspapers’ legal costs ahead of his defamation appeal.
Read more »