Melbourne suburbs where property owners are selling at a loss

Experts say people who bought at the peak of the market in 2022 could have negative equity in their home.Home vendors in Melbourne are now more likely to sell at a loss than anywhere else in the country except the Northern Territory.

In the Maribyrnong council area, 20.4 per cent of sales in the quarter were struck at a loss, up from 16.5 per cent in the prior quarter, in the wake ofUnits fared far worse than houses over the quarter. Just 2.6 per cent of Melbourne house sales were at a loss while 18.9 per cent of unit sales were, though the portion of loss-making apartment sales was down from a recent high of 21.9 per cent in March 2023.

“That could mean that people are just cutting their losses. A lot of these tend to be investor-owned units. Investors might be comfortable selling at a loss because they can offset their future capital gains by those losses.”Owen said a market with plenty of supply that is performing poorly, is desirable from an affordability perspective.

“It’s largely a reflection of the weakness in the Melbourne property market which affects both houses and units.”

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Property prices: $500,000 needed to buy a capital city property in AustraliaWith a standard 20 per cent deposit, Australians need to have saved a median of $100,000 to enter the property market in capital cities.
Source: FinancialReview - 🏆 2. / 90 Read more »

Melbourne councillor pushes to double rates for property investors and halve them for owner-occupiersJames Conlan of Merri-bek council says the change would make investing in the area ‘less attractive’ and free up more homes for first-time buyers
Source: GuardianAus - 🏆 1. / 98 Read more »

Four people found dead at property in Broadmeadows, Melbourne7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Source: 7NewsSydney - 🏆 16. / 63 Read more »

The most liveable Melbourne suburbs where you should have purchased propertyOnce considered affordable, these areas are now even further out of reach for home buyers.
Source: theage - 🏆 8. / 77 Read more »

The architect behind Mona has his own quirky property, just outside MelbourneIn Nonda Katsalidis’ words, it was a regional retreat that “got out of control”. Now it’s one of the Macedon Ranges’ coolest attractions.
Source: smh - 🏆 6. / 80 Read more »

The architect behind Mona has his own quirky property, just outside MelbourneIn Nonda Katsalidis’ words, it was a regional retreat that “got out of control”. Now it’s one of the Macedon Ranges’ coolest attractions.
Source: brisbanetimes - 🏆 13. / 67 Read more »