More Melbourne properties sold for a loss in the December quarter than in the three months prior, as rising interest rates put pressure on stretched owners.
Two in five property sales were at a loss in the Melbourne city council area in the December quarter.Greater Melbourne had the fastest percentage point growth in loss-making sales of any capital city.More Melbourne properties sold for a loss in the December quarter than in the three months prior, as the housing slump continues to bite.
Greater Melbourne had a higher percentage point increase of loss-making sales over the three months to December than any other capital city. Melbourne’s vast number of apartments have been blamed for the unusually high number of loss-making sales.Melbourne city council area had the highest rate of loss-making sales at 40.8 per cent, followed by the Stonnington council at 26.6 per cent and Yarra council at 22 per cent.
“Most unit resales are by investors, so they might not be too concerned about taking a loss from a property sale because of tax arrangements they can offset losses on property investments on future investments,” she said. “Interest rates might just be too high for investors to hold on to their additional properties.”
“We still think there’s a bit of downside to the housing market overall,” he said. “The effect is yet to be seen, so that could cool the market a bit further.”
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