Distressed Queensland property makes debut on SQM Research's top 10 discount list
SQM Research's top 10 discounted properties list includes a distressed Queensland property that is now being offered for $250,000 below its purchase price. It's been listed as mortgagee in possession, having failed to sell at its May auction. It was first listed in April 2010 at $590,000, which remained its asking price until April this year.
"There is one in particular that we would like to draw to your attention to - number two on this week's list, 92 Beelong Street Macleay Island - an off shore location in Queensland. Yes, a large discount in price is not entirely surprising for a property in such a remote location. What is quite shocking however, is that this property is recorded to have last sold for $590,000 in December 2007,$250,000 more than its current asking price," SQM director Louis Christopher says.
"Although SQM Research have been predicting house price declines in certain areas, a discount of this degree is not expected nor common, even in isolated areas such as Macleay Island.
"We can only assume that with a price slash of this nature coupled with the mortgagee being in possession of the property that this is a simple case of the vendors wishing to meet the market and sell as soon as possible."
1
588 White Beach Road, White Beach, Tasmania, 7184
On the market since: May 23, 2010
Initial asking price: $780,000
Current asking price: $400,000
Reduction: 49%
Days on market: 532
2
92 Beelong Street, Macleay Island, Queensland, 4184 (pictured)
On the market since: May 23, 2010
Initial asking price: $590,000
Current asking price: $340,000
Reduction: 42%
Days on market: 531
3
102 Fountain Road, Burpengary, Queensland, 4505
On the market since: April 17, 2011
Initial asking price: $1.2 million
Current asking price: $699,000
Reduction: 42%
Days on market: 204
4
3 Boolari Road, Gosford West, NSW, 2250
On the market since: July 8, 2009
Initial asking price: $990,000
Current asking price: $580,000
Reduction: 41%
Days on market: 850
5
329 Waterford Road, Ellen Grove, Queensland, 4078
On the market since: October 16, 2010
Initial asking price: $1,275,000
Current asking price: $800,000
Reduction: 37%
Days on market: 385
6
25 Vicary Street, Triabunna, Tasmania, 7190
On the market since: August 2, 2010
Initial asking price: $299,000
Current asking price: $189,000
Reduction: 37%
Days on market: 463
7
290 Viveash Road, Swan View, WA, 6056
On the market since: June 5, 2008
Initial asking price: $2.29 million
Current asking price: $1.45 million
Reduction: 37%
Days on market: 450
8
146 Maddington Road, Maddington, WA, 6109
On the market since: April 30, 2011
Initial asking price: $5.5 million
Current asking price: $3.5 million
Reduction: 36%
Days on market: 189
9
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: 1,236
10
3 Zelma Court, Macleay Island, Queensland, 4184
On the market since: May 23, 2010
Initial asking price: $380,000
Current asking price: $250,000
Reduction: 34%
Days on market: 531
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.