{"id":12753,"date":"2017-07-19T03:00:30","date_gmt":"2017-07-18T17:00:30","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=12753"},"modified":"2017-07-19T03:00:30","modified_gmt":"2017-07-18T17:00:30","slug":"the-property-winners-and-losers-cameron-kusher","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-property-winners-and-losers-cameron-kusher\/","title":{"rendered":"The property winners and losers – Cameron Kusher"},"content":{"rendered":"

Cameron Kusher<\/strong> reveals some insights from the Core Logic Pain and Gain Report and says in the capital cities, we are seeing a little bit of a climb generally in the percentage of people reselling their properties at a loss. He tells us about where it is occurring and with what type of properties.
\nTranscript:\u00a0<\/strong>
\nKevin:<\/b>\u00a0 There\u2019s a good report inside the latest\u00a0Your Investment Property<\/i>\u00a0magazine that deals with the Pain & Gain Report, which is a report that I always love to get from CoreLogic RP Data. Joining me to talk about that report and what we\u2019re feeling in the industry at present \u2013 a bit of pain \u2013 Cameron Kusher joins me.
\nGood day, Cameron. Nice to be talking to you again. Thanks for your time.
\nCameron:<\/b>\u00a0 No worries, Kevin. Thanks.
\nKevin:<\/b>\u00a0 Always an interesting report, the Pain & Gain Report. Where do you go to first? Are you finding that there\u2019s more and more people in pain, Cameron?
\nCameron:<\/b>\u00a0 When we look at the resells, we are seeing it\u2019s a bit mixed. In the capital cities, we are seeing a little bit of a climb generally in the percentage of people reselling their properties at a loss. It\u2019s largely being driven by the unit market.
\nBut when we look at the combined regional markets, we\u2019re generally seeing improvement in those markets. That\u2019s, again, largely being driven by the fact that a lot of the coastal markets are stronger. We\u2019re still seeing a lot of weakness, though, in those markets linked to the mining and resources sector.
\nKevin:<\/b>\u00a0 You mentioned there about units. Are we seeing a bit of evidence there that there might be an oversupply in some areas, Cameron?
\nCameron:<\/b>\u00a0 We definitely are. I guess what we\u2019re finding, though, is that it\u2019s more so outside of Sydney. In fact, Sydney is actually seeing fewer units reselling for less than what they were purchased for than houses. But in every other capital city and every other regional market across the country, we\u2019re seeing more units reselling at a loss than houses.
\nTo give you some perspective, in Melbourne, you\u2019re talking about less than 2% of houses reselling at a loss compared to about 11% of units. In Brisbane, you\u2019re talking about less than 5% of houses reselling at a loss compared to almost a quarter of all units reselling at a loss. So, you can see that there\u2019s a pretty big disparity between the two property types.
\nKevin:<\/b>\u00a0 Yes, absolutely. What are the trends that you\u2019re noticing in terms of people who are buying? We\u2019re looking at single-person households. Are they becoming more prevalent?
\nCameron:<\/b>\u00a0 They\u2019re certainly becoming more prevalent. That\u2019s reflective of what we\u2019re seeing across the country also. We\u2019ve seen a lot of unit construction over recent years, so we have been seeing more sales flowing towards that unit market. But obviously, the data is suggesting that a lot of those people now looking to resell are selling for less than what they purchased those properties for.
\nKevin:<\/b>\u00a0 We\u2019re seeing some incredible incentives being offered in some of the markets to try and clear some of this stock. Are you hearing anything about that at all? Is that a trend that would concern us?
\nCameron:<\/b>\u00a0 I think that\u2019s definitely concerning, and I think it\u2019s reflective of the fact that people \u2013 particularly developers \u2013 are really struggling to clear the end stock. Of course, in the federal Budget, we also got the announcement that developers can only sell 50% of these new off-the-plan\u00a0<\/b>projects offshore.
\nIt\u2019s not a case whereby they used to be able to just go and do a roadshow through Asia and find lots of buyers for these properties. They\u2019ve already initially sold a lot property to offshore buyers. They don\u2019t really have the capacity to do that anymore, and I think that\u2019s going to make it a little bit harder for developers to clear that stock at the end of a project.
\nKevin:<\/b>\u00a0\u00a0Cameron, what did the Pain & Gain Report tell us about the Perth and Darwin markets?
\nCameron:<\/b>\u00a0 It shows us that those markets are continuing to weaken. If we look at Perth, for example, you\u2019re talking about almost a quarter of all properties \u2013 that\u2019s houses and units \u2013 selling for less than what they were purchased for. In Darwin, you\u2019re talking about more than a third of all properties in Darwin reselling for less than what they were purchased for.
\nI guess this is really reflective of what\u2019s happened. The market\u2019s fallen by about 10%. A lot of people don\u2019t have a job in these areas anymore, so they need to leave the market, and unfortunately, they\u2019re taking a bit of a hit when they do so.
\nKevin:<\/b>\u00a0 Capital city versus regional markets, any indicators there for us, Cameron?
\nCameron:<\/b>\u00a0 The capital cities are generally doing better. If we look at houses, for example, you\u2019re looking at about 6% of houses reselling under the previous purchase price, compared to 11% in the regional markets. For units, it\u2019s about 11.5% or 12% for resells at a loss in the capital cities, compared to about 17% in regional markets.
\nCapital cities are still stronger, but as I said, there has been a little bit of creeping up in the percentage of loss in the capital cities and a continued fall in the regional markets.
\nKevin:<\/b>\u00a0 That\u2019s a snapshot for you from the Pain & Gain Report from CoreLogic RP Data. My guest has been Cameron Kusher.
\nCameron, thanks for your time.
\nCameron:<\/b>\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cameron Kusher reveals some insights from the Core Logic Pain and Gain Report and says in the capital cities, we are seeing a little bit of a climb generally in the percentage of people reselling their properties at a loss. 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