Some 90.4 per cent of properties sold throughout Australia during the first three months of 2017 made a profit, new figures show.
Data compiled for CoreLogic's latest Pain and Gain Report reveals that the vast majority of Australian houses were sold at a profit between January and March this year, with this rising to as many as 97.8 per cent in Sydney.
Meanwhile, in Hobart, 95.4 per cent of properties made a profit, along with 95.3 per cent of those put on the market in Melbourne and 92.5 per cent of homes sold in Adelaide. The proportion of properties to make a profit in Brisbane was also above the national average, coming in at 90.8 per cent.
Canberra was perfectly in line with the average for Australia, as 90.4 per cent of its homes made a profit in the first quarter of the year, but the overall score was dragged down by Perth and Darwin, where just 76.8 per cent and 63 per cent of properties were sold at a profit respectively.
Overall, properties in the Shoalhaven district of the Southern Highlands were found to be most likely to make a profit, with 98.8 per cent selling for more than they were originally bought for in the first three months of 2017. Illawarra also had a high success rate (98.6 per cent), as did Newcastle and Lake Macquarie, where 98.2 per cent of properties sold at a profit, and Geelong (97.3 per cent).
Losses were recorded in some parts of the country, primarily in those linked with mining and resources. In total, 11.1 per cent of homes in these areas sold at a loss.
Speaking to the Australian Broker, author of the report Cameron Kusher stated: "There is still a relatively high proportion of units in regional Australia reselling at a loss (17.2 per cent).
"However, the proportion of loss-making unit sales has shifted substantially lower as lifestyle markets see buyer demand rebounding and mining regions approach the bottom of their cycle."
