Property losses mount
SELLERS in Fremantle, East Fremantle and Cockburn council regions are feeling the pain of the ongoing market decline, with more than 30 per cent of properties selling at a loss in the March quarter according to the CoreLogic
Pain & Gain report. Of the properties sold in Fremantle, 32.9 per cent sold for less than what the owners originally paid, with a median loss of $67,500.
The median loss was $38,000 in East Fremantle, where 32.1 per cent of homes sold below purchase price.
Home owners in Cockburn saw 31.9 per cent of properties sell for a loss, experiencing a median loss of $59,000.
Across the overall Perth market, 32.8 per cent of properties sold for a loss.
Research analyst Cameron Kusher said resales at a loss in Perth had not been this high anytime throughout CoreLogic’s records.
“Perth has continued to see values fall over the quarter and subsequently resale losses have also risen, a trend likely to continue,” he said.
More units sold for a loss than houses, 49.2 per compared to 28.8 per cent, while investors were more likely to sell for a loss than home owners (44.1 per cent to 30.5 per cent).