In the June quarter, 95.4 per cent of home sales made a gain, down from the 21-year high of 96.1 per cent recorded in the three months to March, research from data provider Cotality showed on Wednesday.
Several years of strong growth had left many home owners with an equity buffer, helping vendors rake in a combined $35.9 billion in profit in the quarter, Cotality head of research Gerard Burg said.
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In the June quarter, 95.4 per cent of home sales made a gain, down from the 21-year high of 96.1 per cent recorded in the three months to March.
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Australia is undergoing one of the steepest housing downturns in decades, but years of strong growth mean most homes are still being sold for a profit.
In the June quarter, 95.4 per cent of home sales made a gain, down from the 21-year high of 96.1 per cent recorded in the three months to March, research from data provider Cotality showed on Wednesday.
While national home values declined 1.5 per cent over the June quarter, prices were still more than 67 per cent higher than six years earlier.
Several years of strong growth had left many home owners with an equity buffer, helping vendors rake in a combined $35.9 billion in profit in the quarter, Cotality head of research Gerard Burg said.
Australia's housing downturn continued to deepen in July and August, as the outlook for interest rates worsened and investors continued to count the cost of the federal government's changes to negative gearing and the capital gains discount.
Nationwide prices are only down 3.6 per cent from their March peak, but several economists, including at HSBC and Morgan Stanley, expect the total fall in values to hit 10 per cent or more, which would be the deepest downturn in more than 40 years.
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