Coastal markets, especially those linked to lifestyle, were back in vogue as the major capital cities experienced a rise in property values.
CoreLogic’s Pain & Gain Report for the June Quarter this year, released over the weekend, found such lifestyle regions had “experienced a significant decline in the proportion of resales at a loss over recent years”.
Holiday and retirement destinations like Mooloolaba have seen a rise in popularity. Picture: Lachie Millard
“Gold Coast loss-making resales are at their lowest proportion since April 2010 (8.9 per cent) and on the Sunshine Coast the proportion is the lowest since November 2008 (7.2 per cent).”
The lowest levels of resale losses across the regions nationally came out of areas close to Melbourne and Sydney, led by Newcastle Lake Macquarie (1.8 per cent), Illawarra (1.9 per cent), Geelong (2.4 per cent), Richmond-Tweed (4.4 per cent), and Mid North Coast (5.7 per cent).
“This is reflective of demand growing for coastal/lifestyle property and also reflective of reinvestment from Sydney and Melbourne homeowners that have accrued substantial equity in their properties.”
Loss making resales in Cairns were at 26.1 per cent while the figure was at 26.5 per cent in the Western Australian port city of Bunbury.
Originally Published: www.weeklytimesnow.com.au