One out of every eight homes sold is fetching less than it cost.

It's a sobering thought for investors still affected by the delusion that house prices never fall.

Cloudy outlook: Real estate prices in so-called 'lifestyle markets' like the Gold Coast have been struggling in recent years. Credit:Glenn Hunt

The figures, from the RP Data Pain and Gain report released on Tuesday, are based on gross profits and losses, which exclude transaction costs and taxes.

They show that 12 per cent of homes sold in the three months ending June were sold for less than their purchase price.