Profit-making dwelling sales rise in Canberra

By Gerv Tacadena | 25 Mar 2021

A larger share of property sellers in the Australian Capital Territory (ACT) profited from the sale of their homes over the last quarter of 2020, according to the latest “Pain and Gain” report from CoreLogic.

Over the quarter, the share of profit-making sales rose to 92.9%, up from 90.7%. However, there was a huge difference between houses and units, with the former reporting a superior share of profit-making sales at 98.5% compared to the latter's 85.1%.

"Both the house and unit segments had seen an increase in profit making sales over the quarter, and house sales had the highest incidence of nominal gain of any capital city house market," the report said.

Loss-making sales were most common across the suburb of Belconnen. In terms of dwelling type, 87.9% of all loss-making sales were units, 73% of which were investment properties.

Canberra has been one of the top-performing dwelling markets across all capital cities. Dwelling values in the city has increased by 3.1% in the year to date.

Even units, which in recent years have remained stagnant against the strong house-price gains, are now consistently reporting gains.

"As COVID-19 remains well contained, and consumer confidence is further buoyed from the rollout of a vaccine, dwelling values may continue to rise through much of 2021," the report said.

Top Suburbs : toowong , ferntree gully , alexandra hills , scarborough , newtown


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