A quarter of homes sold last quarter lost money

THE number of house sales on the Sunshine Coast in 2013 was up 19.4% on the previous year, but the latest market data show that December quarter vendors lost money on 25.8% of home units sold.

RP Data's latest Pain and Gain Report, which measures December quarter data, and its March 14 Sunshine Coast Sales Report had good and bad news on property values and demand.

RP Data estimates that 8879 homes were sold across the Sunshine Coast in the 12 months to November 2013.

That is well off the 16,922 peak for homes and units set in the record high to November 2002. However volumes are above the five-year average of 7929.

The Pain and Gain Report for units released this week put the Coast percentage for vendor losses at above the regional Queensland mark of 23.7% of all properties sold, but below the rate of Gold Coast losses which hit 26.9%.

Overall losses on real estate amounted to $457.3 million across Australia for the quarter at an average $63,215 per property.

The report also found that 31.8% of all properties sold in the December quarter doubled the amount vendors paid for them.

In the 12 months to November last year houses sold at a 6.8% discount on their original list price and units at a 7.3% discount.

However, homes were selling faster, on average after 99 days compared with 119 days in the previous year and units in 114 days (134).

Of homes sold, 47.2% were in the $400,000-$600,000 range with 32.4% priced from $200,000 to 400,000.

Greatest unit volume was in the $200,000-$400,000 bracket which accounted for 59.4% of the market. Of all units sold 86.9% were priced at less than $600,000.

Only 3.4% of all sales were for units over $1 million.

Real Estate Institute of Queensland Sunshine Coast chairwoman Amber Werchon said losses depended on when those sellers bought their properties.

"Most house prices (non-executive) have well and truly recovered, whilst executive ones are recovering," she said.

"With apartments, it depends on a lot of factors, such as supply, location, age, holiday vs permanent style, size and price range.

"Activity in general is good for properties that are realistically priced and buyers no longer expect to negotiate a lot on prices or expect that it will still be around if they don't act."

Topics:  property rp data

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