Moonee Ponds overlooked beauty makes debut at number three on SQM discounted properties list
A Moonee Ponds property has appeared third on SQM Research's list of the 10 most discounted properties in Australia, which this week contains no units, only houses.
Some of the houses on the list have been on the market for years, with SQM director Louis Christopher pointing out that the ninth-ranked property, 1302 Birkdale Place, Magenta on the NSW central coast, has been on the market for 1,446 days, or almost four years. Its price hopes have been reduced by $250,000, or 36%, in that time.
"We have seen a lot of price slashing occurring on the central coast, with many homes either stagnating in value or decreasing over time," Christopher says.
"A region that was not too long ago a hotspot for Sydneysiders who desired an affordable seaside home, the central coast property market is softening considerably, with a vast supply of homes on the market priced to sell. This could be partially due to the fact that the area is highly reliant on tourism, a facet of the Australian economy that has suffered substantially over the past two years. The NSW central coast also has a pretty narrow based economy and with the high rate of supply added to the property market over time, it is understandable that there has been an oversupply of real estate in the area."
In contrast, 60 Margaret Street, Moonee Ponds, has been on the market for just over a year, and its vendors have this week slashed its $1 million price hopes by 38%, to $620,000. It is currently operating as a beauty salon. It last sold in 2008.
1
27 Shaws Pocket Road, Cedar Creek, Queensland, 4207
On the market since: August 15, 2011
Initial asking price: $1.19 million
Current asking price: $699,000
Reduction: 41%
Days on market: 293
2
11 Pyrites Road (via Nairne), Brukunga, SA, 5252
On the market since: May 23, 2010
Initial asking price: $253,000
Current asking price: $155,000
Reduction: 39%
Days on market: 741
3
60 Margaret Street, Moonee Ponds, Victoria, 3039 (pictured)
On the market since: April 9, 2011
Initial asking price: $1 million
Current asking price: $620,000
Reduction: 38%
Days on market: 420
4
502 Tarni Court, Port Adelaide, SA, 5015
On the market since: January 28,2010
Initial asking price: $725,000
Current asking price: $450,000
Reduction: 38%
Days on market: 707
5
1892 Stapylton Jacobs Well Road, Jacobs Well, Queensland, 4208
On the market since: July 12, 2009
Initial asking price: $515,000
Current asking price: $320,000
Reduction: 38%
Days on market: 1,056
6
202 Wolstenholme Avenue, Greendale, NSW, 2745
On the market since: January 16, 2011
Initial asking price: $2.95 million
Current asking price: $1.85 million
Reduction: 37%
Days on market: 504
7
15 Gretel, Two Rocks, WA, 6037
On the market since: December 26, 2009
Initial asking price: $1.1 million
Current asking price: $699,000
Reduction: 36%
Days on market: 889
8
26a Paling Street, Thornleigh, NSW, 2120
On the market since: May 16, 2009
Initial asking price: $1.1 million
Current asking price: $700,000
Reduction: 36%
Days on market: 1,113
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: 1,446
10
4565 Channel Highway, Middleton, Tasmania, 7163
On the market since: January 24, 2012
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 132
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.
