Australia’s real estate resilience has kept on keeping on despite the ravages of COVID-19 but can’t last indefinitely, according to a leading property data specialist. The rate of profit-making resales across Australia rose to 92.4 percent in the September quarter, up 50 basis points from the previous three months and the highest returns in a decade. CoreLogic Head of Research Eliza Owen says considering the period was marked by lockdowns across Sydney, Melbourne, and the ACT it was a remarkable result. It was also the fifth consecutive quarter of increases. Total transactions amounted to 99,000, down from 106,000 resale events in the June quarter, something blamed on distancing restrictions limiting physical inspections. The national median nominal gain was $270,000 with total resale profits at $27.3 billion. Median losses were -$37,000 or -$368 million in total. Owen says CoreLogic’s Pain and Gain report showed both the combined value of profit and loss fell …
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