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15 Aussie suburbs suffering the worst property price losses

An aerial view of houses located in Sydney's eastern suburbs June 5, 2014. Australian policy makers have two housing markets to worry about, and it's a toss up which carries the most risk. One is too cold, the other too hot. One they can't do anything about as it is in China, the other is a home grown headache the authorities are just starting to wrestle with. How they unfold will have lasting ramifications for Australia's economy and interest rates. Picture taken June 5, 2014. REUTERS/David Gray (AUSTRALIA - Tags: BUSINESS REAL ESTATE CITYSCAPE)
Where are property prices dropping fasted in Australia? Source: Getty

If you’re selling a house in one of these areas, you might want to prepare yourself to lose out.

Australia has had a total of $486.8 million in gross losses from resales over the March quarter, according to CoreLogic’s latest Pain and Gain report, which looks at properties bought and sold within a quarter and compares their previous and current price.

Properties in Sydney and Perth were the hardest hit, with the two major cities responsible for the highest share of losses nationally over the March quarter.

And the suburbs worst hit?

Sydney suburbs with the biggest property price loss

  • Strathfield (20 per cent of all sales were losses)

  • Parramatta (18.8 per cent of all sales were losses)

  • Ryde (15.7 per cent of all sales were losses)

Melbourne suburbs with the biggest property price loss

  • Melbourne City (31.8 per cent of all sales were losses)

  • Stonnington (24 per cent of all sales were losses)

  • Yarra (18.5 per cent of all sales were losses)

Brisbane suburbs with the biggest property price loss

  • Somerset (10.9 per cent of all sales were losses)

  • Brisbane City (14.1 per cent of all sales were losses)

  • Logan (10.1 per cent of all sales were losses)

Adelaide suburbs with the biggest property price loss

  • Playford (14.6 per cent of all sales were losses)

  • Adelaide City (23.5 per cent of all sales were losses)

  • Campbelltown (13.3 per cent of all sales were losses)

Perth suburbs with the biggest property price loss

  • Perth City (60.4 per cent of all sales were losses)

  • Rockingham (39.2 per cent of all sales were losses)

  • Mundaring (38.9 per cent of all sales were losses)

What’s happened?

Nationwide, resales were at a loss over the March quarter were the highest they’ve been since March 2013, with almost a quarter of properties in Perth and one in five properties in Sydney sold at loss in that period.

That share of resales at a loss in Perth is the highest ever on record for the capital city, and Melbourne’s resale at loss rate of 6.4 per cent is the highest it’s been since August 2014.

The report reflects the current market conditions, which means the housing market is looking a little flat.

In Sydney and Melbourne in particular, dwelling values are declining, which means resales at a loss are tracking consistently higher - and it’s a trend that is anticipated to continue.

Adelaide is seeing fairly flat housing conditions, but the share of resales at a loss is expected to continue.

CoreLogic expects the trend to continue in Perth too.

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