Coastal home prices slump

MB

National housing markets with the greatest proportion of homes sold at a loss

SOURCE: RP Data

No one wants to sell their home or investment property for less than what they paid, but unfortunately 12.5% of those who sold property in the December 2012 quarter have done just that. On a positive note, 45.1% of homes sold in that same period went for a price more than 50% higher than their purchase price.

RP Data says coastal housing markets are more likely to suffer and the chart is proof of that. Gold Coast, Sunshine Coast and far north Queensland were hardest hit in the three months to December 2012.

“All three of these regions recorded strong appreciation in home values and a high rate of population growth in the lead-up to the financial crisis,” explains RP Data.

“Since the onset of the financial crisis, these markets have typically seen population growth rates fall. Tourism and investment have slowed and there has also been a subsequent decline in demand for housing. These markets previously saw a large proportion of holiday-home buyers.”

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