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  • 5 homes that sold for up to 10% under the asking price

    5 homes that sold for up to 10% under the asking price

    When it comes to real estate, some areas of Australia are booming while others have had a slow year.

     

    The market is stable and houses are selling, but prices have definitely fallen for some suburbs.

    “Places like the Sunshine Coast and Byron Bay are seeing the biggest increases in home prices at the moment,” REA’s executive manager of economic research, Cameron Kusher, states. “In terms of decreases, I would expect they are happening mostly in inner city markets dominated by units. So, the inner suburbs of Sydney and Melbourne.”

    There have been a lot of wins for sellers recently, but there are still bargains to be found depending on what you’re looking for. Here are some examples of homes that sold for up to 10% under their asking price.

    1.     Two-for-one in Geelong

    Originally: $1.65 million

    Sold for: $1.2 million

    Although marketed for development, some first home buyers could afford this two-for-one $1.2 million deal.

    5-homes-that-sold-house-and-street 
    Picture: realestate.com.au/sold

    Two sites were sold as a package deal in May 2020 for more than $400k under the asking price. The Herald Sun reports the seller bought the properties for over $2 million less than a year prior. The two adjoining blocks are situated on a bustling corner in Newtown, Victoria and were marketed for developers.

    2.     $210k discount on Ultimo terrace

    Originally: $1.2m

    Sold for: $990,000

    The new owners of this unit must be pretty chuffed with their price. 

    5-homes-that-sold-living-room
    Picture: realestate.com.au/sold

    This two-bedder in Ultimo was for sale at $1.2m, then the price was dropped to $1.03m – it’s ultimate selling price? $990,000! 

    You’d be laughing.

    3.     A beachside bargain in Manly

    Median price: $1.425 million

    Sold for: $1.26 million

    This two-bedroom unit (with floorboards!) sold for less than the median price. 

    5-homes-that-sold-living-room-coffee-table 
    Picture: realestate.com.au/sold

    While this particular unit didn’t drop its price per se, it is one example of an alleged downward price trend in the affluent Sydney beachside suburb of Manly. According to REA data, the median price of a two-bedroom unit in Manly is just over $1.42 million. However, recent sales show there are several two-bedders going for around $1.2-$1.3m. Even ones like this that are a stroll from the ferry and Manly Cove.

    4.     The oh-so attainable family home

    Originally: $729,000

    Sold for: $637,500

    Families all over are rejoicing at these price discounts west of Sydney. 

    5-homes-that-sold-town-house
    Picture: realestate.com.au/sold

    Investors have driven up prices in the past but are no longer as active in the market because of COVID-19 – this rung particularly in suburbs west and southwest of Sydney like Kings Park, Liverpool, Smithfield and Green Valley.

    This Hawker St home in Kings Park was listed at $729,000, the price guide then dropped to $650,000-$680,000. It ended up selling for $637,500 – a good $91,500 below the asking price! 

    5.     Under the mill in Melbourne’s north-east

    Originally: Over $1m

    Sold for: $900,000

    Four bedrooms, two bathrooms and a price you can be happy about. 

    5-homes-that-sold-grey-house
    Picture: realestate.com.au/sold

    The stunningly renovated family abode at  8 Lewellin Grove, Rosanna was first listed for more than $1 million, which then changed to offers between $900,000-$925,000, eventually selling for $900,000.

    It just goes to show you can still buy a renovated house in Melbourne’s north-east for under $1 million – or at least you can, now.

    Originally published on realestate.com.au as ‘5 homes that sold for up to 10% under the asking price’ on realestate.com.au. 

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    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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  • Disclaimer:

    This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.