13/01/2015 - 14:24

Country WA home sellers feeling most pain: report

13/01/2015 - 14:24

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Property owners in regional Western Australia are the most likely in the nation to record a loss when selling their homes, according to new research released today by CoreLogic RP Data.

The research showed regional WA recorded 22.5 per cent of all re-sales at a loss in the three months to the end of September, compared with 9.3 per cent Australia-wide.

Owners who held property for five to seven years in regional WA were hit hardest, with 55.6 per cent selling at a loss.

Regional Queensland previously had the highest proportion of loss-making re-sales, but was just behind WA in the September quarter at 22 per cent.

CoreLogic RP Data research analyst Cameron Kusher said the weakness in both WA and Queensland reflected underperformance of markets linked to mining and resources where values were on the downswing.

In Perth, only 6 per cent of properties were sold at a price less than what was originally spent on them.

However, that was up from 5.1 per cent in the previous quarter and 4.9 per cent 12 months ago.

Bassendean and Peppermint Grove recorded zero sales at a loss in the September quarter, while the highest proportion of loss-making sales, 20.1 per cent, occurred in Mandurah.

Murray was close behind at 17.6 per cent, while 17.4 per cent of East Fremantle homes sold at a loss, according to the report.

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