The glut of city apartments springing up everywhere is hurting the property market with new data showing that almost one in four Melbourne CBD properties are selling at a loss.
According to the CoreLogic RP Data Pain and Gain report, loss making home sales in the City of Melbourne were running at 24 per cent in the first three months of this year. That compares to 17 per cent in the December quarter.
On average, home sellers were $34,301 out of pocket. Home seller losses in the City of Melbourne totalled $5.81 million. Clearly, an over-supply is affecting the price.
That said, 96 per cent of house sales and 90 per cent of unit sales were profitable across the rest of Melbourne with more than a third of sellers at least doubling their money.
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