Sell­ers lose as mar­ket strug­gles

Townsville Bulletin - - NEWS - CHRISTIE AN­DER­SON

MORE than 46 per cent of Townsville homes sold for less than the own­ers paid for them in the June quar­ter as the city’s prop­erty mar­ket con­tin­ues to lan­guish.

Core Logic’s Pain and Gain re­port for the June quar­ter as­sesses gross profit and loss based on dwelling re­sales.

Townsville falls well be­low the na­tional av­er­age of prof­itable dwelling sales, which sits at 89.8 per cent, while in re­gional Queens­land the av­er­age sits above 80 per cent for both houses and units.

How­ever, the re­port stated that trans­ac­tions vol­umes are no longer fall­ing but de­mand re­mains low so peo­ple sell­ing who bought at the peak of the mar­ket are likely to in­cur a loss.

CoreLogic an­a­lyst Cameron Kusher said the high num­ber of prop­er­ties sold at a loss was rep­re­sen­ta­tive of fall­ing prop­erty prices.

“Un­for­tu­nately Townsville is con­tin­u­ing to see more and more homes re­selling at a loss,” he said.

“It is up slightly, 45 per cent of homes the pre­vi­ous quar­ter, 46.1 per cent this quar­ter and it really just high­lights the mar­ket is con­tin­u­ing to strug­gle, con­tin­u­ing to see val­ues fall and ob­vi­ously a lot of peo­ple are look­ing to exit that mar­ket.

“Not a lot of peo­ple are look­ing to en­ter and peo­ple are hav­ing to dis­count their prices to get out.”

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