Rise in Adelaide property losses23 June 2015 by News Desk
The housing market in Australia may be booming but across the country 10% of owners sell their property at a loss.
Nationally, the number of property owners selling for a profit fell to 90.9% in the first three months of 2015. But, reflecting the rising market, around 30% of sellers doubled their money.
In Adelaide, the number of loss-making sales has risen from 9% in the last quarter of 2014 to 9.7%. However, over 90% of owners who sold their house turned a profit. In total, 91.5% of house sellers and 87.4% of unit (apartment) sellers also made a profit when selling their properties. Properties in Adelaide’s Unley and Mount Barker council areas got the best prices with 96.7% of sales generating the most profit. Overall,
Regional areas of South Australia are not performing as strongly as the capital city markets. Around 16% of house sales in regional South Australia made a loss in the first three months of this year while 24.1% of units sales were at a loss. Owner occupiers did better compared with investors in Adelaide, where 92% of owner occupiers and 86.4% of investors made a profit when they sold their property, according to the latest CoreLogic RP Data Pain and Gain report.