Bargain property in Glen Innes? House listing reduced 40% over 7 years
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 three bedroom, two bathroom Glen Innes, New South Wales house has seen it's asking price fall yet again in the seven or so years it has been on market.
The home's asking price is just $265,000.
A $20,000 reduction on the June asking price of $285,000 and a $30,000 reduction on the May asking price of $295,000.
Diana Corcoran of Diana Corcoran Real Estate is currently marketing the listing.
Situated at 31 Lindsay Avenue, the abode was originally listed for $450,000.
Set on 873 sqm, the two story home has been "well maintained" according to the listing.
Featuring an in ground swimming pool and a double garage with internal access, the property itself sits on an elevated position.
The house has spent more than 2,400 days on the market.
Property Observer advise that it is up to you to determine if the offering is a truly beneficial bargain.
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.