Queensland farm on the market for two years the country's most discounted property: SQM Research
The most discounted property currently on the market in Australia is a four-bedroom livestock property in Caboolture, Queensland, with an initial asking price of $949,000. After sitting on the market for a whopping 783 days, the owners slashed the price down do $586,000, or a 38% reduction. The property comes with two stables and a day yard along with a barn equipped with a toilet and shower.
The vendors of a two-bedroom fifth-floor apartment in Port Adelaide, South Australia, havalso reduced their asking price by 38%. The property has been on the market for 755 days. The initial asking price was $725,000 and was reduced to $450,000 after no potential buyers were found. According to the property's marketing, the vendor bought the unit in October 2008 for $674,950 and is willing to make a $224,950 (or 33%) loss on it.
Head of SQM Research Louis Christopher accounts for the drastic price cuts through the unrealistic expectations of home owner’s asking prices.
“That stops them finding a buyer in the first few weeks, the crucial time to sell.”
“The seller is then faced with reducing their initial asking price, creating stigma around the property with potential buyers that there is something wrong with it,” says Christopher.
Christopher also explained that sellers who are not meeting the current stagnant real estate market are not only wasting their time, but also that of the agent’s and the money spent on advertising.
1
19 Lychee Drive, Caboolture, Queensland 4510 (pictured)
Days on the market: 783
Initial asking price: $949,000
Current asking price: $586,000
Reduction: 38%
2
502 Tarni Court, Port Adelaide, South Australia, 5015
Days on the market: 755
Initial asking price: $725,000
Current asking price: $450,000
Reduction: 38%
3
34 Seraya Court, Closeburn, Queensland, 4520
Days on the market: 336
Initial asking price: $1.45 million
Current asking price $939,000
Reduction: 35%
4
15 Gretel, Two Rocks, WA, 6037
Days on the market: 938
Initial asking price: $1.1 million
Current asking price: $699,000
Reduction: 36%
5
Days on the market: 1207
Initial asking price: $1.85 million
Current asking price: $1.2million
Reduction: 35%
6
50 Isla Circuit, Mawson Lakes, SA, 5095
Days on the market: 1161
Initial asking price: $1.5 million
Current asking price: $990,000
Reduction: 34%
7
1255 Gympie Road, Aspley, Queensland, 4034
Days on the market: 875
Initial asking price: $510,000
Current asking price: $350,000
Reduction: 31%
8
144 Joel Terrace, Mount Lawley, WA, 6050
Days on the market: 273
Initial asking price: $2.69 million
Current asking price: $1.85 million
Reduction: 31%
9
93 Gingin Road, Lancelin, WA 6044
Days on market: 1207
Initial asking price: $580,000
Current asking price: $399,000
Reduction: 31%
10
69/257 - 269 Oxford St Bondi Junction, NSW, 2022
Days on the market: 518
Initial asking price: $2.5 million
Current asking price: $1.8 million
Reduction: 28%