Housing resale profits in Australia retreated in the June quarter, with 95.4% of residential resales yielding a nominal profit, down from a 21-year high of 96.1% in March, according to a Cotality report published Wednesday.

The median gain also eased to AU$371,000 from a record AU$378,000 in March, while the median loss increased to AU$45,000 from AU$44,000, per the report.

"Profitability is still exceptionally high by historical standards, but we are starting to see the impact of weaker housing market conditions flow through to resale outcomes," said Cotality Head of Research Gerard Burg.

"Most sellers are still benefiting from the significant value growth accumulated over the past five years, which is providing considerable protection against the early stages of the downturn," Burg said, adding that this buffer will be key in determining resale outcomes amid declining home values.

Houses retained a major advantage over units, as 97.8% of house sales delivered a gain in the June quarter versus 90.5% of units. Loss-producing unit sales were heavily concentrated in Sydney and Melbourne, which together comprised 83.3% of the value of unit resale losses in Australia, Cotality said.

Meanwhile, Brisbane maintained its standing as Australia's most profitable capital city, with 99.8% of resales delivering a gain and sellers taking a median profit of AU$525,000.