Sellers who strike it rich — especially in a short amount of time — are often celebrated in real estate. But there is, of course, a sadder side to the market.
Victorian vendors who copped significant losses on the property market after buying homes in 2021 and then selling in 2022 have been revealed in new PropTrack data.
But, unsurprisingly, real estate agents involved with the sales were not keen to comment when called by the Herald Sun, with sensitive situations including health crises behind the scenes.
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Real Estate Institute of Victoria president Andrew Meehan said common reasons to have to sell included “birth, death, marriage, divorce, promotion, demotion and windfall gain or loss”.
“Generally sales of property because of one of those seven reasons are not foreseeable, so it’s always down to personal circumstances,” he said.
Mr Meehan added the property market’s overall trajectory was upward, so “the longer you hold property, then you avoid the ups and downs of the short terms”.
Check out the residential biggest re-sale losses between 2021 purchases and 2022 sales below.
MELBOURNE’S BIGGEST RE-SALE LOSERS
Address, 2021 sale price, 2022 sale price
36 Montpellier Drive, Avondale Heights
BOUGHT FOR: 9/12/2021 $1.175m
SOLD FOR: 25/10/2022, $915,000
11 Viola Ave, Brooklyn
BOUGHT FOR: 1/7/2021 $905,000
SOLD FOR: 27/4/2022, $720,000
20 Balonne Close, Taylors Lakes
BOUGHT FOR: 11/6/2021, $1.2m
SOLD FOR: 27/4/2022, $985,000
17 Tamar St, Ringwood North
BOUGHT FOR: 4/12/2021, $1.07m
SOLD FOR: 5/10/2022, $900,000
51 Bayview St, Prahran
BOUGHT FOR: 13/3/2021, $1.458m
SOLD FOR: 24/8/2022, $1.35m
9 Kuranda Cres, Oakleigh East
BOUGHT FOR: 12/6/2021, $1.26m
SOLD FOR: 25/6/2022, $1.085m
REGIONAL VICTORIA’S BIGGEST RESALE LOSERS
34 Merrin Cres, Wonthaggi
BOUGHT FOR: 16/10/2021, $578,500
SOLD FOR: 14/11/2022, $460,000
6 Clift Court, Traralgon
BOUGHT FOR: 16/12/2021, $625,000
SOLD FOR: 21/3/2022, $532,000
331 Armstrong St North, Soldiers Hill
BOUGHT FOR: 21/12/2021, $920,000
SOLD FOR: 5/8/2022, $850,000
167 Giles Rd, Trafalgar
BOUGHT FOR: 6/3/2021, $750,000
SOLD FOR: 29/9/2022, $700,000
88 Sussex St, Linton
BOUGHT FOR: 6/6/2021, $430,000
SOLD FOR: 24/11/2022, $410,000
513 Peel St North, Black Hill
BOUGHT FOR: 14/4/2021, $601,000
SOLD FOR: 2/9/2022, $570,000
27 Shady Gully Drive, Mallacoota
BOUGHT FOR: 14/12/2021, $480,000
SOLD FOR: 16/8/2022, $460,000
2/130 McIvor Rd, Kennington
BOUGHT FOR: 21/12/2021, $600,000
SOLD FOR: 24/2/2022, $575,000
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