Westend and Cornibia lead Brisbane locations where buyers find the biggest vendor discounts

Westend and Cornibia lead Brisbane locations where buyers find the biggest vendor discounts
Westend and Cornibia lead Brisbane locations where buyers find the biggest vendor discounts

An oversupply of apartments in Queensland, and particularly Brisbane, has made developers offer discounts to sell off old stock.

Many suburbs have seen negative growth in the last five years, as borne out by recent CoreLogic data.

Two such suburbs are West End and Cornubia, where prices are being discounted 14.1% and 15.9% on average (see table below).  

 Suburb  Vendor discount(%)
 Berserker   -11.4
 Coral Cove  -12
 Cornubia  -15.9
 Earlville  -11.2
 Emerald  -11.7
 Harristown  -11.1
 Kirwan  -10.8
 Mackay  -12.9
 Manunda   -10.7
 Mount Gravatt  -10
 Mount Lofty  -13.6
 Point Lookout  -11.9
 Rainbow Beach  -10.1
 Rockhampton City  -12
 Rosslea  -12.7
 West End  -14.1

A two-bedroom unit at 9/6-24 Henry Street in West End sold in August 2017 for $215,000. It had sold for $320,000 in 2009, the year it was built, according to CoreLogic RP Data.

Westend and Cornibia lead Brisbane locations where buyers find the biggest vendor discounts

Its on the market history shows that it was on sale for 442 days from November 2013 to January 2015 on a listed price of $289,000. Previous to that, it was on the market briefly in April 2012 for $299,000.

A three-bedroom unit at 38/6-24 Henry Street, West End (picture above) sold in November 2016 for $315,000. It previously sold for $360,000 in June 2008, according to CoreLogic RP Data.

At 15 Bank Street West End, a three-bedroom apartment spanning 270 square metre in The Aston Residences has a $50,000 furniture package on offer. Also included is interior-design consultation.

Not only that, developers are also offering rental guarantees to sell off unsold stock.

Tags: 
Queensland Discounted Properties

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