The most discounted properties in Australia at June 7
Since the publication of last week's most discounted property figures, the vendors of the most discounted property in Australia seem to have lowered their asking price a further $20,000, down to $380,000. This is a tad more reasonable then the property's original asking price of $700,000!
There have been a variety of opinions surrounding not only this particular property but others like it that have been grossly overvalued and/or overpriced. Much of the blame has been pinned on agents for spruiking inflated valuations and making unattainable promises to vendors.
What we have to remember as potential investors is that we can't always blame the agents in these particular cases. Often it is the vendor who has a misguided, delusional idea of what the property is worth, and in the end it is the vendor that has the final say when it comes to pricing.
1
1350 Wynnum Road, Tingalpa, 4173
On the market since: November 6, 2010
Initial asking price: $700,000
Current asking price: $380,000
Reduction: 46%
Days on market: 203
2
1/21 Ocean Drive, Coogee, 6166
On the market since: May 23, 2010
Initial asking price: $2,700,000
Current asking price: $1,600,000
Reduction: 41%
Days on market: 371
3
16/153 Kensington Street, East Perth, 6004
On the market since: August 21, 2010
Initial asking price: $845,000
Current asking price: $529,000
Reduction: 37%
Days on market: 280
4
232-234 High Central Road, Macleay Island, 4184
On the market since: January 11, 2009
Initial asking price: $279,000
Current asking price: $175,000
Reduction: 37%
Days on market: 868
5
25 Vicary Street, Triabunna, 7190
On the market since: August 2, 2010
Initial asking price: $299,000
Current asking price: $189,000
Reduction: 37%
Days on market: 301
6
290 Viveash Road, Swan View, 6056
On the market since: June 5, 2008
Initial asking price: $2,290,000
Current asking price: $1,500,000
Reduction: 34%
Days on market: 1089
7
3 Boolari Road, Gosford West, 2250
On the market since: July 8, 2009
Initial asking price: $990,000
Current asking price: $650,000
Reduction: 34%
Days on market: 689
8
On the market since: November 15, 2009
Initial asking price: $375,000
Current asking price: $250,000
Reduction: 33%
Days on market: 559
9
56 Ellen Street, Kingston, 4114
On the market since: December 11, 2010
Initial asking price: $285,000
Current asking price: $200,000
Reduction: 30%
Days on market: 168
10
5/24 Georgina Street, Woody Point, 4019
On the market since: April 11, 2010
Initial asking price: $310,000
Current asking price: $220,000
Reduction: 29%
Days on market: 413
Louis Christopher is the managing director of SQM Research. More information on discounted properties can be found in the free SQM weekly newsletter or on the SQM Research website.
