When it comes to real estate, some areas of Australia are booming while others have had a slow year.
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.
Although marketed for development, some first home buyers could afford this two-for-one $1.2 million deal.
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.
The new owners of this unit must be pretty chuffed with their price.
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.
This two-bedroom unit (with floorboards!) sold for less than the median price.
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.
Families all over are rejoicing at these price discounts west of Sydney.
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!
Four bedrooms, two bathrooms and a price you can be happy about.
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.