Home Sale Profits Dropped $8 Billion
It comes as falling volumes and declining prices reflected a weakness likely to continue in the established homes market.
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The nation’s housing sales fell by $8 billion in the three months to March when compared to the previous quarter according to data provider CoreLogic’s quarterly Pain & Gain report.
It comes as falling volumes and declining prices reflected a weakness likely to continue in the established homes market.
The fall in nominal profits from $38 billion in December echoed the decline in loss-making sales to $261 million from $355 million. Declines in housing values only kicked in after the March quarter, with the extent of loss-making sales predicted to increase.
CoreLogic’s analysis of 106,000 establish home sales in the March quarter showed the proportion of profit-making sales fell to 92.7% from the December quarter’s 94% peak figure.
The March quarter saw the first time profitable housing sales fell in a year and a half — unit profitability declining faster than houses.
The pandemic was the last cause of such a decline, in the three months to August 2020.
The major markets of Sydney and Melbourne are the cities most at risk due to higher interest rates, and therefore made the biggest contribution to loss-making sales over the quarter — the rate of unprofitable sales in both cities rising to 4.8%.
Hobart was the city with the highest proportion of profit-making sales for the 15th straight quarter. Just 1 per cent of the Tasmanian capital’s sales made a loss in the March quarter, down from 1.6 per cent in December.
Further the report fleshes out the different pace of growth between houses and apartments that has made units more affordable into the March quarter. Between the onset of Covid-19 in March 20202 and this year’s March quarter, combined capital city house values rose 25.8% compared to units at 10.6%.
As tariffs bite, Sydney’s MAISON de SABRÉ is pushing deeper into the US, holding firm on pricing and proving that resilience in luxury means more than survival.
Early indications from several big regional real-estate boards suggest March was overall another down month.
$30 Million Nashville-Area Estate Quietly Looks for a Buyer.
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A 120-acre property 35 miles outside of Nashville, Tennessee, is selling off market for $30 million, making it the second-most-expensive home for sale in the state.
Located in Franklin, about 20 minutes from downtown, Cortina Farms is both a private residence and an event venue, which charges up to $56,000 to rent for the day, according to Compass, which is marketing the pocket listing. Erin Krueger holds the listing.
The only residence on the open market with a higher price in Tennessee is another Franklin property, which spans 749 acres and is asking $37.5 million.
Cortina Farms takes design inspiration from the Italian countryside, with stonework heavily featured around the verdant grounds.
The main house, with a stone exterior and a shingled roof, has approximately 2,500 square feet of living space, with three bedrooms and two bathrooms. Outside, there’s a covered back porch, an outdoor grill, a pool and a hot tub. There are also two guest apartments off the main house, each with a bedroom and a full bathroom.
In addition to its event business opportunities, the property is also designed for an equestrian, with two barns featuring a total of 12 stalls. Near the stables are four large fenced pastures that equal about 10 acres.
Other amenities include a wellness center, a party barn with a catering kitchen, an amphitheater, two lakes stocked with bass and catfish, and a helipad. Scenic trails for walking, running or ATV riding meander throughout the property past creeks, mature trees and waterfalls, according to information provided by Compass.
The property last traded hands in 2021 for $9 million, records on PropertyShark show. The owners weren’t available for comment.
The Nashville metro area has become a luxury real estate hot spot over the past few years, largely attracting people from Los Angeles as well as other out-of-state buyers looking for properties with a large amount of acreage.
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