The 10 most heavily discounted homes in Australia

Tasmania and Western Australia dominate SQM Research's list of the most discounted homes in the country.

Despite price cuts of up to 40% and months (for some, years) on the market, buyers just won't bite.

SQM Research's top 10 discounted homes:

78 Walters Road, Wattle Grove, Tasmania

Vendors have cut the price guide for this property by 40%, making it the most discounted home in the country. There is a three bedroom, two bathroom house on the 10 acres, along with a separate two bedroom cottage.

Set over two titles, the Wattle Grove property was initially listed for $1.15 million, but now comes with a $685,000 price guidance after 279 days on the market.

61 Woolgen Park Road, Leppington, New South Wales

The price of this 5.24 acre block has been cut from $1.55 million to $950,000, a 39% discount. Running parallel to Camden Valley Why, the property has a two bedroom cottage, currently rented for $300 per week by a horse owner. If the home eventually sells for its $950,000, the current rent would reflect a 1.6% yield.

It has been on the market for 148 days.

28a Malsbury Street, Bicton, Western Australia

A two bedroom, one bathroom strata unit is on the market for $950,000, after a 37% price cut. The home celebrates its first anniversary on the market today –one year ago, it was listed at $1.5 million.

The vacant property is currently listed for rent at $480 per week. If tenanted and sold at its current advertised price, it would return a 2.6% yield.

1/23 Albuera Street, Battery Point, Tasmania

This luxury renovated apartment in Hobart is situated in the former Albuera Art School.

Vendors are seeking offers over $1,400,000. Its price has been cut by 36% – when it was first listed on the market, more than three years ago, it was listed for $2.2 million. The property has three double bedrooms, with polished timber floors throughout and pressed metal ceilings.

2 Wellington Street, Richmond, Tasmania

Vendors lopped a cool million off the asking price of this Tasmanian heritage property. It was originally listed at $2.8 million, with its price cut by 36% after 391 days on the market.

The historic property has a four bedroom, four bathroom main residence, with a formal living and dining area, sunroom and cellar.

There is also a self-contained cottage on the property, and vendors will consider selling the adjoining plot.

21 Cotton Court, Strathalbyn, South Australia

This Strathalbyn home has seen a price cut of 35%. It was initially listed at $498,000, and currently has a $325,000 price guide. The house was listed 1198 days ago, making it the longest-listed house in the top 10.

The vendors purchased the c1900s house for $118,000 in 1995.

4/134 Marine Parade, Cottesloe, Western Australia

A three level home in Cottesloe has been on the market for 596 days – a bit over a year and a half. Its price has seen a 35% cut, from $2.75 million to $1.8 million.

The three bedroom, three bathroom unit has panoramic ocean views from its balcony.

76 Tinderry Road, Michelago, New South Wales

This 710 hectare property was first listed in October 2011 at $1.9 million. Since then, its price has dropped by 34% to $1.25 million.

The original 1925-era home still stands on the rural property and requires significant renovations. Permanent water is supplied by the Michelago creek, with two dams on the land.

40 Hawker Avenue, Belair, South Australia

This contemporary home was originally advertised at $1.69 million in March this year. Its price has since dropped by 32%, and the home is now listed at $1.69 - $1.79 million.

The house has re-entered the market due to a contract that fell through. It has four bedrooms, three living spaces, a 15 metre lap pool and a triple car garage.

2 Stockdale Road, Kewdale, Western Australia

The third West Australian home on the top 10 list was originally put on the market three months ago. Since then, the price guidance on the three bedroom house has dropped 31%, from $870,000 to $600,000. It is set on a 685 square metre block.

The listing information, which says the price is "reduced for quick sale", notes the City of Belmont has indicated it will consider selling the adjoining 200 square metre plot.