CoreLogic’s latest quarterly Pain and Gain report shows that Hobart, Regional Victoria, and Canberra have the best capital gains to be found. The study, which compares the property prices sold in the September Quarter with their previous sales, found that 98 percent of the houses sold in Hobart were sold on a profit basis.
“The number of registrations in capitals is 10% lower than a year ago, and new registrations added to the market are 15% lower than those a year ago. As buyer activity increases, the lack of available stock could see a renewed sense of FOMO [fear of missing out] supporting continued price growth, “suggests Tim Lawless, research manager at CoreLogic.
Regional Victoria and Canberra finished second at 96.9%, followed by Melbourne at 96.6% and Regional Tasmania at 96.4%. About 95 percent of Brisbane houses, like 92 percent of Adelaide houses, sold at a profit. Sydney lagged 94.3 percent behind Western New South Wales. Apartments were less competitive than houses, 80.2 percent of unit sales at the national level made a profit.
“Despite a nationwide downward trend, the vast majority of homeowners continue to resell their properties at a profit, which highlights the positive long-term trend in market conditions. During the three-month period ending in June 2019, homeowners were more likely than property investors to make a profit by selling their property, “he said.
Hobart (98.5 percent); Regional Tasmania (96.3 percent); Regional Victoria (94.2 percent); and Regional NSW (92.1 percent) are among the best performing apartment markets that produced results above national averages. The apartment markets were moderately performing in Sydney 87 percent and Melbourne 85 percent. Just 63 percent of units in Brisbane and 48 percent of units in Perth sold for a profit.