Cowes tops list of Victoria's top spots for 'distressed' unit offerings
Cowes is the Victorian location with a highest number of distressed unit and house offerings, according to Investar’s latest market report.
Not many are actually on offer, but around 28% of stock are being offered at a discount or distressed price. This is followed by Rosebud with 26% and Morwell with 25%.
The median price at Cowes is $260,000. Units are being rented at a $230 median weekly rent.
Units are averaging 421 days on the market before being sold.
Suburb | Postcode | Dwelling type | Bedrooms | % of discounted listings |
Cowes | 3922 | Unit | 2 | 28% |
Rosebud | 3939 | Unit | 3 | 26% |
Morwell | 3840 | Unit | 2 | 25% |
Apollo Bay | 3233 | Unit | 2 | 23% |
Dromana | 3936 | Unit | 2 | 17% |
Cowes also ranks high on the discounted house sales list.
The lists are produced using sales listing data, including distressed sale condition keyword analysis.
It identified listings with one or more keywords that would indicate an increased level of seller motivation and calculated this as a percentage of total listings on the market.
It is designed to identify suburbs with the highest percentage of potentially distressed price stock based on the descriptions used by agents and vendors.
Current listings include a home at 93 Scenic Drive (pictured above) that is on sale where the price had been advertised as reduced to $305,000. But it was only $4000 lower than it initial $309,000, so hardly distressed.