Australian property party a $184 bn minnow
Australian property owners resold A$184 billion worth of real estate over the 2015 calendar year, with $10.4 billion in realised losses and $173 billion in gross profit, CoreLogic explain in their report, "Profile of the Australian Residential Property Investor."Investors made up $3.4 billion of the gross loss and $51.2 billion of the gross capital gain, the report highlights.Sydney and regional Northern Territory were two regions "in which the proportion of loss-making resales of investor owned properties was lower than those for owner occupiers," the CoreLogic report points out."Investors are more willing and able to sell properties at a loss due to the fact that they can offset those losses against their income. "Someone selling their owner occupied property does not have the same ability to offset the loss and subsequently, a sale at a loss tends to have a greater impact on owner occupiers than it does for investors. Residential property investors wrote $3.7 billion off their taxable income.CoreLogic estimated investors "paid capital gains tax on $51.2 billion of profits, made from dwelling resales over the 2015 calendar year and contributed to the $45 billion in property related tax revenue collected by the state and local governments."