Properties lounge on market for years if vendors don't price realistically: SQM
SQM Research has released a slightly different kind of top 10 discount list this week, reviewing properties that have been on the market for the longest time. The list includes properties that have been withdrawn and re-listed. With a few exceptions these are not the most discounted properties, as vendors hold out hope that they can achieve close to their price hopes, even after years on the market.
"Properties from Tasmania and New South Wales Central Coast have dominated the list. However, similarly to the last time SQM Research examined homes that have spent a great deal of time on the market, our number one property is still 188 Liverpool Road in Goolwa, South Australia and interestingly enough, totalling only 16% in discounts," SQM director Louis Christopher says.
"Hanging around on the property market for approximately 1,236 days and counting - this particular case all goes to show that even waterfront properties aren't all that that hot if their asking prices aren't either.
"In other words, this flies against the notion that good properties will sell well in any market. They won't, especially if they have been mispriced."
1
188 Liverpool Road, Goolwa, SA, 5214
On the market since: April 24,2008
Initial asking price: $950,000
Current asking price: $800,000
Reduction: 16%
Days on market: 1,236
Last sold for: $408,000
Date of last sale: May 12, 2007
2
5090 Tasman Highway, Buckland, Tasmania, 7190
On the market since: May 18, 2008
Initial asking price: $250,000
Current asking price: $195,000
Reduction: 22%
Days on market: 1,213
Last sold for: $68,500
Date of last sale: May 30, 2003
3
19 Wellington Street, Oatlands, Tasmania, 7120
On the market since: May 22, 2008
Initial asking price: $260,000
Current asking price: $205,000
Reduction: 21%
Days on market: 1,208
Last sold for: $145,000
Date of last sale: November 22, 2003
4
1403 Magenta Drive, Magenta, NSW, 2261
On the market since: May 22, 2008
Initial asking price: $600,000
Current asking price: $535,000
Reduction: 11%
Days on market: 1,206
5
290 Viveash Road, Swan View, WA, 6056
On the market since: June 5, 2008
Initial asking price: $2.29 million
Current asking price: $1.5 million
Reduction: 34%
Days on market: 1,194
6
1302 Birkdale Place, Magenta, NSW, 2261
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $500,000
Reduction: 26%
Days on market: 1,180
7
6 Talbingo Court, Collingwood Park, Queensland, 4301
On the market since: October 27, 2008
Initial asking price: $349,000
Current asking price: $308,000
Reduction: 12%
Days on market: 1,049
Last sold for: $333,000
Date of last sale: December 22, 2007
8
19 Cathcart Street, Swansea, Tasmania, 7190
On the market since: November 29, 2008
Initial asking price: $350,000
Current asking price: $289,000
Reduction: 17%
Days on market: 1,018
9
90 Franklin Parade, Encounter Bay, SA, 5211
On the market since: December 1, 2008
Initial asking price: $1.55 million
Current asking price: $1.39 million
Reduction: 10%
Days on market: 1,015
Last sold for: $675,000
Date of last sale: August 23, 2005
10
64 Cape Three Points Road, Avoca Beach, NSW, 2251
On the market since: December 2, 2008
Initial asking price: $2.1 million
Current asking price: $1.55 million
Reduction: 26%
Days on market: 1,015
Last sold for: $200,000
Date of last sale: December 2, 1999
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.