If there is one place in Queensland where sellers have a huge upper hand in terms of property resale transactions, it would be the Redlands.
Redland City was the brightest spot in the state for resale profits over the June quarter, according to the latest Pain and Gain Report by CoreLogic.
The local government area recorded the lowest proportion of resales at a loss. The report said 90.7% of sales in the Redlands made a profit, outpacing the national average of 89.7%. Real Estate Institute of Queensland CEO Antonia Mercorella said this could be due to the city's appeal to a wide range of demographics, making it an ideal location for sellers.
"This is evidenced by its high level of local migration, with REIQ data showing multiple Redland City suburbs appearing in the top 20 destinations for new resident arrivals in Queensland," she said.
Houses in Redland City have a median price of $520,000, according to the REIQ's Quarterly Market Monitor.
Other profitable areas in Queensland mentioned by CoreLogic's study include Lockyer Valley and Moreton Bay. On the other hand, some of the highest proportions of resale losses occurred in Scenic Rim, Somerset and Brisbane.
In the state capital, only 87% of properties were resold at a profit. Brisbane accounted for 8.2% of the total value of resale profits nationally and 5.2% of the losses.
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In terms of units, 35% of resales in Brisbane were at a loss. This was likely attributable to higher supply levels across key areas of the inner city and the subsequent falling unit values.
"Brisbane has seen an extraordinary number of unit and apartment complex developments over recent years. Although an increasing number of Queenslanders are choosing apartment living, supply has far exceeded demand, and this has driven prices downwards," Mercorella said.
