AUSTRALIAN property prices are gaining momentum, but 12 per cent of sellers took a $530 million bath in the June quarter.
The latest RP Data, Pain and Gain report, reveals that of the almost 70,000 sales between the three months to June, not every sellers made a profit.
The study confirmed 12 per cent of the sales in the June quarter recorded a gross loss compared with the last time they sold.
Capital city losses varied, with Australia’s most expensive real estate city, Sydney and the country’s capital only suffering a 6.2 per cent loss in the quarter while Perth came out on top with just 5 per cent of property encountering a loss.
The city with the most property pain was Hobart with a significant 18.5 per cent loss.
The study confirmed there were 69,390 residential sales nationally during the three-month period and of these 12 per cent recorded a gross loss compared with the last time they sold.
But on the up side, of the remaining 88 per cent of all resales in the June quarter there was a gross profit totalling a whopping $12.1 billion.