NSW Central Coast market in a slump as vendors offer discounts: SQM Research
Properties on the Central Coast and in the Blue Mountains dominate SQM Research's top 10 most discounted properties in New South Wales, with four out of the 10 on the Central Coast and two in the Blue Mountains. Nine out of the 10 properties have lingered on the market for more than 100 days.
"We have long been saying that NSW's Central Coast has been suffering somewhat of a slump in property prices in recent years, with an influx of homes entering the market from this region in 2010 and 2011," SQM director Louis Christopher says.
"It is fair to assume that this particular area's initial popularity (approximately in between 2002- 2007) has begun to wear off a little."
Although a few high-end Sydney properties feature on the list, Christopher suggests that Sydney property prices will outperform those of other capitals in the near future.
"As a general overview, SQM Research forecasts New South Wales, particularly Sydney's property prices, to do relatively better than other capital cities," he says.
"We predict marginal declines of up to 4% for this calendar year with the potential that the marker may just end up being flat for the year."
1
3 Boolari Road, Gosford West, NSW, 2250
On the market since: July 8, 2009
Initial asking price: $990,000
Current asking price: $580,000
Reduction: 41
Days on market: 815
2
9 Brentwood Avenue, Blackheath, NSW, 2785
On the market since: February 26, 2011
Initial asking price: $1.45 million
Current asking price: $990,000
Reduction: 31%
Days on market: 217
3
23 Hill Street, Leichhardt, NSW, 2040
On the market since: April 23, 2011
Initial asking price: $1.185 million
Current asking price: $850,000
Reduction: 28%
Days on market: 161
4
505/1-9 Torrens Avenue, The Entrance, NSW, 2261
On the market since: April 24, 2010
Initial asking price: $479,950
Current asking price: $349,000
Reduction: 27%
Days on market: 525
5
2/18 Campbell Crescent, Terrigal, NSW, 2260 (pictured)
On the market since: December 11, 2010
Initial asking price: $1.99 million
Current asking price: $1.45 million
Reduction: 27%
Days on market: 294
6
4/118 Ocean Parade, Blue Bay, NSW, 2261
On the market since: March 19, 2011
Initial asking price: $1.29 million
Current asking price: $950,000
Reduction: 26%
Days on market: 196
7
870 Barrenjoey Road, Palm Beach, NSW, 2108
On the market since: January 29, 2011
Initial asking price: $1.2 million
Current asking price: $900,000
Reduction: 25%
Days on market: 245
8
105 North Steyne, Manly, NSW, 2095
On the market since: July 16, 2011
Initial asking price: $3.6 million
Current asking price: $2.7 million
Reduction: 25%
Days on market: 77
9
1/43 Memorial Avenue, Blackwall, NSW, 2256
On the market since: May 28, 2011
Initial asking price: $340,000
Current asking price: $260,000
Reduction: 24%
Days on market: 126
10
34 Lawson View Parade, Wentworth Falls, NSW, 2782
On the market since: October 30, 2010
Initial asking price: $1.95 million
Current asking price: $1.5 million
Reduction: 23%
Days on market: 336
SQM Research also offers a list of the Top 100 Biggest Bargains in Australia for sale.