A third of homes selling for double original price

Real Estate BusinessAlmost 32 per cent of homes sold during the September and December period last year reached a price that was more than double the original purchase amount, according to new figures by RP Data.

In comparison, 13 per cent of all homes sold were transacted at a price lower than their previous purchase price.

Over the three months the loss totalled up to $482 million while the total profit was $10.2 billion.

“The result highlights that the vast majority of vendors are making a gross profit on the sale of their home and often that profit is significant,” wrote RP Data research analyst Cameron Kusher.

“The recent improvement in their proportion of loss making sales can be attributed to the subtle improvement in housing market conditions of recent times,” Mr Kusher said.

Queensland recorded the highest proportion of homes sold at a loss over the quarter, which reflected the recent weakness in housing market conditions across the state.

On the other hand, Western Australia recorded the greatest proportion of home sales that more than double the original purchase price.

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