Houses, not units, require most discounting: SQM Research

Houses, not units, require most discounting: SQM Research
Cassidy KnowltonJune 6, 2012

SQM Research has expanded its normal list of the most discounted homes in Australia from 10 to 20, demonstrating the wide variety of localities where vendors are offering deep discounts in order to secure sales. The majority of the properties on the list are houses, not units, with SQM saying houses are not faring as well on the market and requiring deeper discounts. 

The most discounted property in Australia is 27 Shaws Pocket Road in Cedars Creek, Queensland, and the vendor is now willing to sell the property for $699,000, a 41% discount on its original price hopes. It was last sold in 1996 for $225,000, according to RP Data. 

Coming in at number 20 is 309 Scarborough Beach Road in the Perth suburb of Woodlands. When the property came on the market in early 2010 the vendor had hoped for $1.1 million but is now willing to settle for $750,000, a 32% price reduction. 

The property at 1302 Birkdale Place in Magenta, on the NSW central coast, has been on the market for the longest, at 1,432 days, or almost four years. Vendors of 47a Burns Crescent in the Sydney suburb of Chiswick have been the quickest to offer a deep discount, as the property has only been on the market for 77 days and has had its price hopes reduced by 35%. 

"As you can see, there is a wide range of properties from various locations, with Victoria and the ACT being the only state and territory with no homes on this week's list," says SQM director Louis Christopher.

"What sticks out on this list and many of our other themed top 10 is that the majority of massively discounted properties are houses, rather than units. It does seem that in general, houses are faring worse than units at the moment. This could be because units are more affordable and it is easier to assess fair value due to their more standardised attributes." 

1

27 Shaws Pocket Road, Cedar Creek, Queensland, 4207 

On the market since: August 15, 2011

Initial asking price: $1.19 million

Current asking price: $699,000

Reduction: 41%

Days on market: 280

 

2

11 Pyrites Road (via Nairne), Brukunga, SA, 5252

On the market since: May 23, 2010

Initial asking price: $253,000

Current asking price: $155,000

Reduction: 39%

Days on market: 727

 

3

502 Tarni Court, Port Adelaide, SA, 5015 

On the market since: January 28,2010

Initial asking price: $725,000

Current asking price: $450,000

Reduction: 38%

Days on market: 693

 

4

1892 Stapylton Jacobs Well Road, Jacobs Well, Queensland, 4208

On the market since: July 12, 2009

Initial asking price: $515,000

Current asking price: $320,000

Reduction: 38%

Days on market: 1,042

 

 

5

202 Wolstenholme Avenue, Greendale, NSW, 2745

On the market since: January 16, 2011

Initial asking price: $2.95 million

Current asking price: $1.85 million

Reduction: 37%

Days on market: 490

 

6

15 Gretel, Two Rocks, WA, 6037 (pictured)

On the market since: December 26, 2009

Initial asking price: $1.1 million

Current asking price: $699,000

Reduction: 36%

Days on market: 875

 

7

26a Paling Street, Thornleigh, NSW, 2120

On the market since: May 16, 2009

Initial asking price: $1.1 million

Current asking price: $700,000

Reduction: 36%

Days on market: 1,099

 

 

8

1302 Birkdale Place, Magenta, NSW, 2261

On the market since: June 17, 2008

Initial asking price: $700,000

Current asking price: $450,000

Reduction: 36%

Days on market: 1,432

 

9

21 Fox Avenuem White Beach, Tasmania, 7184

On the market since: September 27, 2010

Initial asking price: $170,000

Current asking price: $110,000

Reduction: 35%

Days on market: 603

 

10

99 Lowanna Way, Armadale, WA, 6112

On the market since: April 1, 2009

Initial asking price: $1.85 million

Current asking price: $1.2 million

Reduction: 35%

Days on market: 1,144

 

11

47a Burns Crescent, Chiswick, NSW, 2046

On the market since: March 3, 2012

Initial asking price: $3 million

Current asking price: $1.95 million

Reduction: 35%

Days on market: 77

12

320 Redbank Plains Road, Bellbird Park, Queensland, 4300

On the market since: December 19, 2011

Initial asking price: $1,499,000

Current asking price: $975,000

Reduction: 35%

Days on market: 154

 

13

27 Light Avenue, Munno Para West, WA, 5115

On the market since: February 27, 2010

Initial asking price: $482,687

Current asking price: $319,000

Reduction: 34%

Days on market: 812

 

14

319 West Coast Drive, Trigg, WA, 6029

On the market since: December 26, 2009

Initial asking price: $1.1 million

Current asking price: $699,000

Reduction: 36%

Days on market: 861

 

 

15

618/ 85 -89 The Entrance Road, The Entrance, NSW, 2261

On the market since: November 13, 2010

Initial asking price: $299,000

Current asking price: $199,000

Reduction: 33%

Days on market: 553

 

16

12 Underwood Street, Wakerley, Queensland, 4154

On the market since: March 3, 2012

Initial asking price: $675,000

Current asking price: $450,000

Reduction: 33%

Days on market: 77

 

17

890 Chinner Road, Lake Bennett, NT, 0822

On the market since: October 29, 2011

Initial asking price: $579,000

Current asking price: $390,000

Reduction: 33%

Days on market: 203

 

 

18

13/30 Gayundah Esplanade, Woody Point, Queensland, 4019

On the market since: October 24, 2010

Initial asking price: $590,000

Current asking price: $399,000

Reduction: 32%

Days on market: 574

 

19

22 Beach Street, White Beach, Tasmania, 7184

On the market since: July 1, 2008

Initial asking price: $250,000

Current asking price: $170,000

Reduction: 32%

Days on market: 1,421

 

20

309 Scarborough Beach Road, Woodlands, WA, 6018

On the market since: February 7, 2010

Initial asking price: $1.1 million

Current asking price: $750,000

Reduction: 32%

Days on market: 832

SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.

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