The top 20 homes with the biggest price cuts on the market in Queensland right now have been revealed, giving savvy buyers a chance to snap up a bargain for up to $800,000 below market value.
Right now, a three-bedroom house on acreage in the Moreton Bay region has had its sale price slashed by half a million dollars and a beautiful five-bedder on a big block in Tarragindi is $150,000 cheaper than it was when it was first listed.
Death, divorce and desperate vendors are some of the reasons for the number of “distressed” listings, according to SQM Research, which puts out a report on its website that is updated weekly.
SQM Research managing director Louis Christopher said 23,000 of the 330,000 properties on the market nationally were distressed, compared to only 18,000 a year ago.
Mr Christopher said the increase in distressed listings showed it was a good time to research the market and see what value was on offer.
“There is the potential to be able to buy at, or below, fair market value,” Mr Christopher said.
“Especially in a downturn similar to the one we’re having now, that probability has increased.”
Mr Christopher said sellers of discounted properties were also usually more willing to negotiate.
The Gold Coast usually has a higher number of distressed properties than any other region in the country.
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“I suspect it’s because the Gold Coast has a higher percentage of investors as a proportion of total buyers than most other regions in the country and it’s also a transient place, so people come in, live there for a few years and move out again,” Mr Christopher said.
Helen and Tim Stieler are selling their renovated, three-bedroom house in the heart of Chermside for offers over $565,000.
The well-presented home at 6 Monserrat St, Chermside, is on a larger than average 635 sqm block close to shops, a hospital and public transport.
The Stielers have already moved to a property on a bigger block of land to accommodate their growing family.
Mrs Stieler said she could not believe the property had not been snapped up yet.
“The convenience is amazing,” Mrs Stieler said.
“We’ve had a large number of people go through, but just haven’t found the right person.
“It really is a bit of a bargain.”
Marketing agent Jonathan Levey of Harcourts Connections – Stafford said it was the perfect buying opportunity for young families or a young couple.
Mr Levey said the sale price had recently been reduced by $10,000.
“It’s immaculate — no maintenance required,” Mr Levey said.
“It has a great street presence and is only a two minute walk from Chermside Markets.”
On the waterfront in Redcliffe, a luxury three-bedroom unit is on the market for $150,000 less than its original listed price.
Maureen and Steve Bennett are reluctantly selling the property in Mon Komo at 603/99 Marine Parade for offers over $1 million for financial reasons.
“We’re selling because we have other building projects on the go, and so instead of having money tied up in Mon Komo, we’re doing it just to free up some money — not because we want to,” Mrs Bennett said.
“We fell in love with it because we loved the design. We love everything about it, and still do. Nothing beats the position.”
Marketing agent Rosslyn Kennedy of Gateway Properties said the property was more spacious and better value than most newer units on the market.
“The trouble is people like shiny new, but this is so much better value for money,” Ms Kennedy said.
THE 20 MOST DISCOUNTED PROPERTIES ON THE MARKET IN QUEENSLAND
Address Suburb Current Price First Price Discount
1. 1-15/14 City Rd Beenleigh $4.6m $5.425m $825,000
2. 1 Yebri St Kallangur $789,000 $1.3m $511,000
3. 96 & 98 Tenby St Mt Gravatt $1.089m $1.485m $396,000
4. 354 Samsonvale Rd Joyner $895,000 $1.2m $305,000
5. 195-197 Andrew Rd Greenbank $1.9m $2.2m $300,000
6. 231 Marsden Rd Kallangur $750,000 $999,000 $249,000
7. 203 Gaskell St Eight Mile Plains $678,000 $900,000 $222,000
8. 2 Limmen St Pimpama $650,000 $850,000 $200,000
9. 35 Queen St Goodna $2.3m $2.499m $199,000
10. 4 Jaidan Plc Victoria Point $719,000 $899,000 $180,000 11. Lot 15 Briscoe Rd Dayboro $990,000 $1.155m $165,000