/The majority of Greater Hobart homes sold last quarter made a profit

The majority of Greater Hobart homes sold last quarter made a profit

Location Photos

Clarence lead the way in September with the Greater Hobart’s highest total value of profit at over $36 million. Picture: SUPPLIED

A RECORD low number of Greater Hobart homeowners failed to make a profit when selling their home in the September quarter, CoreLogic has revealed.

In its latest Pain and Gain report, CoreLogic said that only 0.7 per cent of resold Hobart properties were let go for a price below what was previously paid for them.

Compared with the June quarter, almost every Greater Hobart municipality recorded an increase in profit-making sales by percentage.

Hobart and the Derwent Valley led the charge, with every sale making a profit. In the previous quarter, 90.9 per cent of Derwent Valley sales were at a profit, as were 97.4 per cent in Hobart.

Brighton’s percentage of profit-making sales rose from 98.2 per cent to 98.5 per cent; Clarence from 98 per cent to 99.4 per cent; Glenorchy from 96.5 per cent to 99.3 per cent; Kingborough 98.6 per cent to 99 per cent; and Sorell barely moved from 98.2 per cent to 98.1 per cent.

Location Photos

Joggers at Bellerive Beach, one of Hobart’s property hot spots.

The range of profits made by homeowners varied between council areas.

The smallest profits were made in Brighton, where there was a median of $88,000, compared with $237,500 in Hobart.

Kingborough residents fared next best with median profits of $161,750, followed by Clarence ($155,000), Sorell ($133,500), Glenorchy ($127,250) and the Derwent Valley ($100,000).

Typically in Pain & Gain reports, the Hobart municipality will record the highest total value of profit. However, that was not the case in the September quarter.

Clarence took out the top spot with more than $36 million in sales, compared with about $30 million in Hobart, $23 million in Glenorchy, $20 million in Kingborough, about $7 million in Brighton and Sorell, and $3 million in the Derwent Valley.

In the quarter, the combined value of profit-making sales throughout Greater Hobart was $128.2 million. In losses, the combined value was $541,370.

On a national level, Hobart accounted for 0.9 per cent of Australia’s profit-making sales and just 0.1 per cent of loses.