Prop­erty losses mount

Cockburn Gazette - - NEWS -

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).

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