Cheapie Palm Beach house sells at a loss as new properties debut on most discounted list: SQM Research
Three properties that were regular features on SQM Research's list of the most discounted homes in Australia have either sold or been withdrawn from the market.
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SQM Research director Louis Christopher speculates that the property at 882 Barrenjoey Road, Palm Beach (pictured above), has sold for a significant loss.
"We can only imagine that the properties that have been sold were purchased for a figure around their last current asking price – a discount of at least 35%," Christopher says.
"In the case of 882 Barrenjoey Road, Palm Beach, if purchased at the last current asking price, this home would have been sold at a loss of at least $140,000 – and that does not even take into account agent's fees or interest accrued on a mortgage. Yikes!" It last traded at $890,000 in 2004 and its last asking price was $750,000 plus.
The other two properties no longer on the list are also in NSW, at 23 The Corso, Gorokan, and 31 North Scenic Road, Forresters Beach.
One of the replacement properties is a expensive Palm Beach beachfront that has had its asking price substantially reduced. It appears at number 4 on the list. The proeprty was once offered as a double block, two home offering, with $15 million plusb hopes. Since then the 1071 sq m grounds, and the two Tuscan-inspired residences have been separated into separate parcels with one of the two houses sold at $7.2 million in mid-2010. The current offering has lingered on the market for some 560 days.
1
451 Old Pacific Highway, Mooney Mooney Creek, NSW, 2083
Days on the market: 595
Initial asking price: $1.55 million
Current asking price: $895,000
Reduction: 42%
2
5756 Arthur Highway, Taranna, Tasmania, 7180
Days on the market: 720
Initial asking price: $499,000
Current asking price: $299,000
Reduction: 40%
3
19 Lychee Drive, Caboolture, Queensland, 4510
Days on the market: 860
Initial asking price: $949,000
Current asking price: $586,000
Reduction: 38%
4
38 Iluka Road, Palm Beach, NSW, 2108 (pictured)
Days on the market: 560
Initial asking price: $8 million
Current asking price: $5 million
Reduction: 38%
5
202 Wolstenholme Avenue, Greendale, NSW, 2745
Days on the market: 622
Initial asking price: $2.95 million
Current asking price: $1.85 million
Reduction: 37%
6
Days on the market: 1,008
Initial asking price: $1.1 million
Current asking price: $690,000
Reduction: 36%
7
588 White Beach Road, White Beach, Tasmania, 7184
Days on the market: 860
Initial asking price: $780,000
Current asking price: $499,000
Reduction: 36%
8
1302 Birkdale Place, Magenta, NSW, 2261
Days on the market: 1,565
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
9
99 Lowanna Way, Armadale, WA, 6112
Days on the market: 1,277
Initial asking price: $1.85 million
Current asking price: $1.2 million
Reduction: 35%
10
618/ 85 -89 The Entrance Road, The Entrance, NSW 2261
Days on market: 686
Initial asking price: $299,000
Current asking price: $199,000
Reduction: 33%
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.