West Australia dominates top-10 discount list
Figures released by SQM Research have revealed residential listings fell by 5,650 to 363,839 nationally in June.
It was a 2% decrease from May, yet still a 23% increase compared with June 2010.
Each capital city experienced a month-on-month decline except Darwin, where stock rose by 1% from May.
The capital city to record the largest month-on-month decline was Hobart, falling by 6% to 1,809.
The capital city to record the largest year-on-year increase was Melbourne, rising 47% since June 2010 to 43,308.
No capital city recorded declines in stock year-on-year, though Brisbane recorded the most modest growth, rising by 19% to 30,080 since June 2010.
“This is the second consecutive monthly decline in listings and although to a certain extent this result can be attributed to seasonal factors, as we enter into the quietest time of the year for new listings, it is possible that stock levels have now peaked for the cycle,” SQM Research managing director Louis Christopher says.
"Real estate listings remain at levels high enough to record overall house price falls, however we note that the level of listings may have also finally peaked.
"It's too early yet to call a bottom in the current housing downturn and even when it eventually does come, a recovery is very likely to be slow. But clearly we are much closer to a bottom in the market than where we were 12 months ago.
"Much is dependent upon the direction of interest rates and any type of meaningful government intervention in the marketplace."
Flora Street is one of four WA entrants on the list of 10, along with Stock Road, in Attadale (pictured above).
Top 10 most discounted properties
Rank 1
Address: 4 Flora Street
Suburb: Midland, WA
Postcode: 6056
First seen: 16/08/2009
Initial price: $1,900,000
Now asking: $850,000
Reduction: 55%
Days on market: 687
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008173508>
Rank 2
Address: 1350 Wynnum Road
Suburb: Tingalpa, QLD
Postcode: 4173
First seen: 06/11/2010
Initial price: $700,000
Now asking: $380,000
Reduction: 46%
Days on market: 238
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106966579>
Rank 3
Address: 3 Boolari Road (above)
Suburb: Gosford West, NSW
Postcode: 2250
First seen: 08/07/2009
Initial price: $990,000
Now asking: $580,000
Reduction: 41%
Days on market: 724
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105832903>
Rank 4
Address: 1/21 Ocean Drive
Suburb: Coogee, NSW
Postcode: 6166
First seen: 23/05/2010
Initial price: $2,700,000
Now asking: $1,600,000
Reduction: 41%
Days on market: 405
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106550670>
Rank 5
Address: 232-234 High Central Road
Suburb: Macleay Island, QLD
Postcode: 4184
First seen: 11/01/2009
Initial price: $279,000
Now asking: $175,000
Reduction: 37%
Days on market: 903
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007562500>
Rank 6
Address: 25 Vicary Street
Suburb: Triabunna, TAS
Postcode: 7190
First seen: 02/08/2010
Initial price: $299,000
Now asking: $189,000
Reduction: 37%
Days on market: 336
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008491614>
Rank 7
Address: 290 Viveash Road
Suburb: Swan View, WA
Postcode: 6056
First seen: 05/06/2008
Initial price: $2,290,000
Now asking: $1,500,000
Reduction: 34%
Days on market: 1124
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295>
Rank 8
Address: 3 Zelma Court
Suburb: Macleay Island, QLD
Postcode: 4184
First seen: 23/05/2010
Initial price: $380,000
Now asking: $250,000
Reduction: 34%
Days on market: 405
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105294317>
Rank 9
Address: 46a Stock Road
Suburb: Attadale, WA
Postcode: 6156
First seen: 21/03/2010
Initial price: $2,690,000
Now asking: ^$1,790,000
Reduction: 33%
Days on market: 468
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106404560>
Rank 10
Address: 1/16 Dewar
Suburb: Ledge Point, WA
Postcode: 6043
First seen: 15/11/2009
Initial price: $375,000
Now asking: $250,000
Reduction: 33%
Days on market: 594
https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106138206>
