Bargain property in Bowen? Listing of duplex pair slashed by a third
There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling.
We take a look at where and if possible why this is happening.
We came across this property for consideration.
A pair of Bowen, Queensland duplex's has seen its listing slashed $180,000.
Currently listed for $340,000, the property first arrived on market in March 2008 seeking $520,000.
Bonnie Kohlhase of LJ Hooker is currently marketing the latest relisting
Situated at 17 Casuarina Street, the property was listed as a rental in 2015, midway through the campaign, for $220/pw.
Set on 709 sqm, the duplex's are both comprised of two bedrooms and two bathrooms.
One was recently refloored, while both recently got a new roof and a fresh coat of paint, according to the listing
It is located a couple blocks from the beach.
The asking price was last reduced in May 2018.
Last sold in 1981, the property transacted for $53,000.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
As a part of this series, we've already had a look at properties in Mount Eliza, Central Geelong, East Perth and Sydney Olympic Park.