Who won and who lost in the Sydney property market?

That’s what Corelogic’s Pain and Gain report tracks.

Over the March quarter, 7.6% of resales saw a nominal loss across Sydney.

Alongside Hobart, Sydney was the only capital city to see a decline in the portion of loss making sales, down from 7.9% in the previous quarter.

Across the council regions of Sydney, the highest portion of loss making sales were across Burwood (22.4%), Parramatta (15.9%), and Ryde and Strathfield (13.5%).

The Burwood council region had a high portion of loss marking sales off a relatively low base.

There were about 18 loss making sales observed across the region, most of them units with a relatively low hold period.

Higher levels of profitability tended to concentrate in higher socio-economic areas of Sydney, such as North Sydney, where profit making transactions made up 98.0% of resales in the quarter.

The Blue Mountains also proved to be the second most profitable region for property sales in the March quarter, with 96.9% of sales seeing an increase in the nominal sale price.

However, the gain in the region was relatively low, at $287,250.

Increased profitability in resales was aided by a strong uplift in dwelling values over the quarter. March saw Sydney dwelling values increase 3.9%.

Importantly, the decline in demand resulting from responses to the pandemic has since seen values fall 0.8% over June, which will likely manifest in more loss making sales in the coming months.

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1592314976732-0’); });

Read more: propertyupdate.com.au