More than one in four sellers in some unit-heavy neighbourhoods are losing money, but there could be some improvement ahead.
Units and investors were more likely to cop a loss.Property listingsMore than one in four sellers in some of Sydney’s unit-heavy council areas made a loss on the sale of their property in the June quarter.
Across the city, profitability for Sydney homeowners edged higher thanks to rising prices as more than nine in 10 sellers sold for a gain in the June quarter – coinciding with a 4.9 per cent lift in home values in the same period. “Because property prices have only continued to rise in the June quarter we can pretty safely say that profitability is going to increase,” she said. “In those markets where there is a higher rate of loss-making sales they will even show an improvement.”
“It’s our most unaffordable market. It showcases the financial impacts of the transactional costs such as stamp duty. It is a disincentive to move. It’s a disincentive to downsize or right size their home,” Powell said. “People are staying in their homes longer because mortgages are so big.” Meanwhile, homeowners in the region of Rouse Hill and McGraths Hill held their houses for the shortest median period of six years. The median profit made in that time was $570,250.
Belle Property Strathfield’s Norman So said Strathfield council area took in the unit-heavy suburb of Homebush, while the SA3 region encompassed several premium housing markets.
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