Written by Brendan Simpkins
Data released by CoreLogic late last week further indicates that South Australia is a seller’s market.
The company specialising in property data and analysis released its latest profits and losses document for the December 2016 quarter, showing that nine out of 10 people who sold a property during that time frame made a profit.
$18.8 billion was made in profit for the quarter with a median profit of $172,000 in resales.
The National average for house resales making a gain was 92.4% for the December quarter.
Adelaide, though, performed better than the National average, with 92.9% of sellers making a profit, and only 7.1% taking a loss on their homes.
Even with unit sales, Adelaide performed better than the National average.
Where the National average is 87.7%, sellers in Adelaide trumped that percentage with 89.5% making a profit – on par with Melbourne which had 89.8%.
Just 10.5% of those selling units in Adelaide made a loss, slightly above the National average.
Regional areas of South Australia paint a different picture though.
Where the National average for house sales in regional areas sits at 88.9% of sellers making a profit, South Australia sits considerably low below the average.
Only 77.6% of sellers make a profit on their house, with 22.4% taking a loss.
Regional Western Australia and the Northern Territory are the only other areas to have a lower percentage of sellers making a gain.
It is a similar story with units in regional SA, with 76.5% making a profit.
The document also contains information on council regions of the countries capital cities.
Detailing the areas with median losses and profits, it should come as no surprise that Burnside had the highest median profit.
The upper-class area in the eastern suburbs saw sellers net a profit of $202,500 as it continues to gain a reputation as one of Adelaide’s more desirable areas.
On the flip side, heading out north of the city to Gawler is where homeowners made the least amount of profit at $46,250.
Mount Barker in the Adelaide Hills had the highest median loss at $47,500, while Mallala in the Adelaide Plains had the lowest median loss at $5,000.