Overvalued or underloved? The country’s most discounted homes

Is Australia is having a property boom? If so, no one's told the owners of these 10 homes.

Some have had their prices slashed by more than $1 million. Others have been waiting patiently on the market for years.

According to SQM Research, these are the 10 most discounted homes in Australia.

Overvalued or underloved? You be the judge.

2 Louisa Street, Ranelagh, Tasmania

Clifton, a heritage circa 1865 property, has been on the market for 622 days. Its asking price has halved in that time, from $2 million to $995,000.

The mixed use property has a 25 bed main residence, with two separate cottages. It has at times been used as a farming enterprise and as a bed and breakfast.

63 Flora Terrace, Watermans Bay, Western Australia

This double title Watermans Bay property was initially listed for $1.45 million, but is now priced at $825,000. A house sits on the 1,012 square metre plot.

It's rented out for $600 per week, representing a yield of 3.7% at its current asking price. Subdivision plans are available on request.

948 Priestdale Street, Rochedale, Queensland

A 20 paddock rural property, 948 Priestdale street has been on the market for 420 days. When first listed for sale, it had a $2.8 million price guidance.

Now, it's listed 41% lower, at $1.65 million. The property includes a three bedroom main house, multiple sheds and barns.

78 Walters Road, Wattle Grove, Tasmania

This two titled property on 10 acres is listed at $685,000, 40% down from its initial price guidance of $1.15 million.

The property with a three bedroom, two bathroom house and a separate two bedroom cottage has been on the market for 282 days.

292 Carabooda Road, Carabooda, Western Australia

One of two Carabooda properties on the top 10 discount list, 292 Carabooda Road has seen its price chopped by 37% in its 475 days on the market. The 7.1 hectare farm was first listed at $1.65 million, but vendors will now take $1,032,000.

The farm has a three bedroom cottage with a double garage on site.

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28a Malsbury Street, Bicton, Western Australia

This West Australian property has also had a 37% price cut. Its similarities with 292 Carabooda Road end there. This Bicton strata unit has two bedrooms and one bathroom has seen a $450,000 price cut, from $1.5 million to $950,000.

It's rented out for $480 a week, representing a 2.6% yield at its current asking price.

1/23 Albuera Street, Battery Point, Tasmania



A luxury ground floor apartment in a former school house is listed at $1.4 million. Initially, it was listed a $2.2 million, more than three years ago. The timber-floored apartment has three double bedrooms.

35 The Walk, Mawson Lakes, South Australia



The most discounted home in South Australia is a four bedroom, three bathroom house in the new residential development of Mawson Lakes.

The house with a "commanding street presence" has decorated 10 foot ceilings and a lot of columns. It's been on the market for 588 days, and was initially listed at $1.8 million. Vendors will now take $1.15 million.

2 Wellington Street, Richmond, Tasmania

Vendors have been trying to sell Mill House, a historic Tasmanian estate, for more than a year. In that time, its price has dropped by $1 million, from $2.8 million to $1.8 million.

The 3,450 square metre estate has a four bedroom, four bathroom main house, with a separate cottage. The buildings include convict laid brick walls.

219 Bernard Road North, Carabooda, Western Australia

This Carabooda home is now listed for $2,727,000, 35% down from its initial price guidance of $3.5 million. The 15 hectare farm shares a listing agent with its Carabooda cousin further up on the discount list.

The property includes two houses, one described as being "in disrepair".