Sellers who get rich quick, especially in a short amount of time, are often praised in the real estate industry. But, of course, the market has a more sad side.
A Victorian vendor who bought a home in 2021 and sold it in 2022 suffered heavy losses in the property market, new PropTrack data reveals.
But understandably, the realtors involved in the sale were reluctant to comment on sensitive circumstances such as the health crisis behind the scenes when the Herald Sun called them.
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Andrew Meehan, president of the Property Association of Victoria, said common reasons for having to sell include “birth, death, marriage, divorce, promotion, demotion, windfall profit or loss”. .
“Generally, property sales for any of these seven reasons are unforeseeable and therefore always personal,” he said.
Meehan added that the overall trajectory of the real estate market is positive and that “the longer you hold property, the more you avoid short-term ups and downs.”
Check out the biggest resale losses for homes from 2021 purchase to 2022 sale below.
Biggest Loser in Melbourne Resale
Address, 2021 Sales Price, 2022 Sales Price
36 Montpellier Drive, Avondale Heights
Purchase Date: September 12, 2021 $1,175,000
Sale price: October 25, 2022, $915,000
11 Viola Avenue, Brooklyn
Purchase Amount: January 7, 2021 $905,000
Sale price: April 27, 2022, $720,000
20 Barron Close, Taylor’s Lakes
Purchase Amount: November 6, 2021, $1.2 million
Sale price: April 27, 2022, $985,000
17 Tammer Street, Ringwood North
Purchase Amount: April 12, 2021, $1.07 million
Sale price: May 10, 2022, $900,000
51 Bayview Street, Prahran
Purchase Amount: March 13, 2021, $1,458,000
Sale: August 24, 2022, $1.35 million
9 Kuranda Kress, Oakley East
Purchase Amount: December 6, 2021, $1.26 million
Sale: June 25, 2022, $1,085,000
Regional Victoria’s Largest Reseller Losers
34 Merrin Cres, Wantagi
Purchase price: October 16, 2021, $578,500
Sale price: November 14, 2022, $460,000
6 Clift Court, Traralgon
Purchase Amount: December 16, 2021, $625,000
Sale price: March 21, 2022, $532,000
331 Armstrong Street North, Soldiers Hill
Purchase Amount: December 21, 2021, $920,000
Sale price: May 8, 2022, $850,000
167 Giles Road, Trafalgar
Purchase Amount: $750,000 June 3, 2021
Sale Price: September 29, 2022, $700,000
88 Sussex Street, Linton
Purchase Amount: June 6, 2021, $430,000
Sale Price: November 24, 2022, $410,000
513 Peel Street North, Black Hill
Purchase Amount: April 14, 2021, $601,000
Sale price: February 9, 2022, $570,000
27 Shady Gully Drive, Mallacoota
Purchase Amount: December 14, 2021, $480,000
Sale Price: August 16, 2022, $460,000
2/130 McIvor Rd, Kennington
Purchase Amount: December 21, 2021, $600,000
Sale price: February 24, 2022, $575,000
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