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Sellers Take Record Hit in Perth Housing Slump

23 June 2017

A record number of Perth homes are being sold for a loss, new sales figures show.
A report from property analyst CoreLogic shows sellers are the big losers in Perth's property slump with one in five houses and more than a third of all units sold during the march quarter fetching less than owners had paid for them.
The city precinct preformed the worst, with more than half of all properties sold failing to turn a profit, with an average loss of $67,000.
A third of homes in Mandurah also lost money, with most recording losses of about $50,000.
Even some of Perth's premier suburbs were hit by the downturn.
In Claremont, more than a third of all properties didn't turn a profit, with an average loss was $85,000.
But property values in some suburbs have defied the trend with prices continuing to rise.
Every home which sold in Peppermint Grove during the quarter made the owner an average profit of more than $500,000.
Almost 90 per cent of properties in Kalamunda made money, with owners pocketing an average profit of $180,000 and 88 per cent of homes in Melville were sold for an average profit of $300,000.
 
There is some good news for sellers caught in the slump with experts saying the market has bottomed out and the only way is up.


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