In total 94.6 per cent of owners in the Redlands region sold in the June quarter for more than they originally paid for their property, according to the latest Pain and Gain report.
The report, by CoreLogic, analyses property sales to determine which areas performed well and those where sellers took a bigger hit.
Overall the vast majority, 95.9 per cent of sales in Greater Brisbane were sales for more than owners paid, with the value of profit more than $2.115 billion during the June quarter.
Just behind the Redland region, was Logan where 93 per cent of sales were for more than owners originally paid and then the Sunshine Coast, 92.8 per cent.
The median profit in Redland was $103,000 with a total profit for the region in the June quarter of $77.681 million.
Even the southeast’s worst performing region, still had a high proportion of profit making sales.
Lockyer Valley had the lowest level of 78.9 per cent with the median loss during the period of $30,000.
Nationally almost nine out of every ten properties which resold in the June quarter were for more than owners originally spent.
In Brisbane the house market performed much stronger than the unit market. In total 95.9 per cent of house sales in Brisbane were for more than owners originally paid, while 25.8 per cent of unit sales were at a loss.
CoreLogic analyst Cameron Kusher said the level of loss making sales were up slightly for both the house and unit market during the June quarter in Brisbane.
“They are slightly higher, last report it was 24.4 per cent of units, and houses did actually increase a little bit as well they were 3.4 per cent last quarter.’’
“But obviously houses are performing much better than units.’’
BARNEY and Robyna Boland were pleased to hear that properties in the Redlands region were more likely to sell for a profit than any other southeast Queensland area.
The couple have listed their home at 24 Conochie Place, Ormiston for sale as Mr Boland said it would be an opportunity to be able to help out his family financially.
It is listed through Pamela Neilson of McGrath Bayside.
They bought the home in 2010 and will be disappointed to leave the street, which they discovered when they visited the area to go for a walk.
They are not far from the water and they are right up against bushland. Mr Boland said in the sixties and seventies, the western suburbs of Brisbane were in favour, but then it was like someone suddenly discovered there was water in the Redlands region and the focus shifted there.
“It really is a great spot,’’ he said.
He said properties seemed to be selling quickly in the area.
24 Conochie Place, Ormiston. Picture: realestate.com.au
Mr Kusher said the Redland region had performed well in recent quarters.
“I think when you look at their performances in terms of value growth over the last few quarters, Redland has actually been one of the stronger ones. We are seeing in that market that value growth is actually reasonably strong.’’
Originally Published: www.weeklytimesnow.com.au