Sydney homeowner cops $1700 a day loss as price falls continue

An Epping house has resold for $412,000 below what it sold for last year. A homeowner in Sydney suburb Epping has copped an incredible loss estimated to be over $1700 a day on their five-bedroom property as real estate prices continue to fall across the surrounding region. The five-bedroom, four-bathroom house on a 746 sqm block – large for the area – recently sold for $3,638,000. And while seemingly a lofty price on the surface, it was well below the $4.05 million price the home had traded for only a year before. The price drop was $412,000, but the loss for the vendor would likely have been greater, given property taxes, and selling costs. It is not known exactly what the seller invested into the property, but a $4.05 million purchase would have incurred stamp duty of about $207,000. The home had sold for just over $4m last year. Selling the property would also have racked up agency fees and other selling costs likely in excess of $50,000, according to average industry commission rates. With more than $650,000 lost on the deal between the date the owner signed contracts of purchase and sale, the daily loss rate would have been over $1700, analysis of records showed. Selling agent...