WA luxury properties on most discounted list as GFC effects still felt: SQM Research
Two $2 million-plus Western Australian properties have appeared on SQM Research's list of the 10 most discounted properties in Australia, which director Louis Christopher attributes to the flow-on effects of the GFC.
"We have seen price corrections occurring within the prestige end of the market for some time now, not only in Western Australia but in many parts of the country," says Christopher.
"Many middle and larger company executives as well as smaller business owners, who would have previously been affording these types of properties, are still losing their jobs off the back of the global financial crisis, have seen a drop in their incomes or have been run out of business, and have suddenly become desperate vendors," says Christopher.
Christopher sticks with a recently made prediction that the property market could be heading for recovery, but he warns the recovery is "not likely to extend to the prestige market in the near future".
1
5756 Arthur Highway, Taranna, Tasmania, 7180
Days on the market: 762
Initial asking price: $499,000
Current asking price: $299,000
Reduction: 40%
2
19 Lychee Drive, Caboolture, Queensland, 4510
Days on the market: 902
Initial asking price: $949,000
Current asking price: $586,000
Reduction: 38%
3
202 Wolstenholme Avenue, Greendale, NSW, 2745
Days on the market: 664
Initial asking price: $2.95 million
Current asking price: $1.85 million
Reduction: 37%
4
Days on the market: 1,050
Initial asking price: $1.1 million
Current asking price: $690,000
Reduction: 36%
5
588 White Beach Road, White Beach, Tasmania, 7184
Days on the market: 902
Initial asking price: $780,000
Current asking price: $499,000
Reduction: 36%
6
1302 Birkdale Place, Magenta, NSW, 2261
Days on the market: 1,607
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
7
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%
8
1b Hackett Drive, Crawley, WA, 6009 (pictured)
Days on the market: 1,319
Initial asking price: $3.95 million
Current asking price: $2.6 million
Reduction: 34%
9
618/ 85 -89 The Entrance Road, The Entrance, NSW 2261
Days on market: 728
Initial asking price: $299,000
Current asking price: $199,000
Reduction: 33%
10
1/1 Freeman Loop North, Fremantle, WA, 6159
Days on market: 693
Initial asking price: $4.5 million
Current asking price: $2,995,000
Reduction: 33%
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.