HOME hunters searching for a bargain could save hundreds of thousands of dollars if they widen their search for a property beyond the traditional means — but they have to act fast.
Uncertainty around the federal election and a tight lending environment have prompted vendors to slash asking prices, and industry experts say now is the time to negotiate a better deal.
Data provided exclusively to The Courier-Mail by independent property analyst SQM Research has revealed the 10 properties in southeast Queensland currently for sale with the biggest reductions to their original listed prices, revealing savings of up to $200,000.
Most would-be property buyers have heard of the typical private treaty sale or auction, but there is also the clearance auction, the deceased estate sale, the court order sale and the mortgagee possession.
And buyers don’t have to settle for a hovel — many of the homes that have been heavily discounted in Brisbane right now are in perfect condition and in sought-after locations.
The properties range from an inner-city character cottage to a six-bedroom stunner.
According to property researcher, CoreLogic, just over 67 per cent of homes in Queensland sold at a discount to their original listed price over the past three months.
And CoreLogic research analyst Cameron Kusher said that number was likely to increase, which is good news for buyers.
“With the national housing market continuing to see value declines, it is expected that over the coming period relatively few properties will be selling at a price above the original list price,” Mr Kusher said.
Death, divorce and desperate vendors are some of the reasons for the number of discounted listings, according to SQM Research, with about 24,000 of the 330,000 properties on the market nationally classified as ‘distressed’.
SQM Research managing director Louis Christopher said that despite the uncertainty in the market, it was a good time for would-be buyers to do their homework and see what value was on offer.
“It is a good time to research the market, to do the property inspections and look at what’s happening on the ground in terms of listings and sales to get a good sense of where the market is locally, which will help when it comes decision time to buy,” Mr Christopher said.
“There are risks and there are opportunities.”
Brisbane couple Michelle and Geoff Dodds are selling their three-bedroom townhouse in Kedron for the reduced price of $515,000.
The property at 2/7 Bradley Avenue had previously been listed for offers above $535,000.
Mrs Dodds said they had outgrown the property since having their daughter, Olivia, but it had been the perfect first home and she could not understand why it had not sold yet.
“It was just a really nice, low maintenance, easy to look after little house that did us really well for five years,” Mrs Dodds said.
Marketing agent Alex Rutherford of Place – said the property had been on the market for six weeks, but would have sold within two weeks this time last year.
“We’re scratching our heads — it’s such a great opportunity for someone,” Ms Rutherford said.
“I think it’s a lot to do with the uncertainty of the election, which is causing people not to transact, even though they’re liking properties.”
Ms Rutherford said it was the perfect time for buyers to pounce because there was more choice and vendors were more flexible.
“End of financial year is looming and if buyers have their finance in order and are ready to settle earlier, they may get a reasonable discount,” she said.
“What will happen I think after the election is that there will be a lot more buyers in the market and properties will be snapped up quickly and people will miss out on the opportunities they have now.”
A four-bedroom character home, just minutes from the CBD in Petrie Terrace, has had its price reduced for quick sale.
The property at 183 Hale Street is now available for $770,000 negotiable.
Marketing agent Nicholas Hall of Ray White – Paddington said its position near the Inner City Bypass was putting some potential homeowners off, but it would be perfect for an investor.
“It got a good yield return, good capital growth and its proximity to everything is fantastic,” Mr Hall said.
A five-bedroom house in popular Tarragindi is advertised as “court order … must be sold”.
The immaculate, two-level home on an elevated, 637 sqm landscaped block is on the market for $920,000 negotiable — down from $950,000 in February, and $1.1 million prior to that.
An impressive family home in Carindale is being sold as ‘Mortgagee in possession’ for $1.2 million.
The house at 66 Delaney Circuit is on a large 768 sqm block and has four bedrooms, three bathrooms and a pool.
A deceased estate on the riverfront in West End has hit the market without a price guide.
The two storey home on 702 sqm at 11 Glenfield Street has five bedrooms, three bathrooms, a pool and incredible views across the Brisbane River.
In the same suburb and in arguably one of Brisbane’s best streets, a six-bedroom house has had its price reduced at 46 Whynot Street.
The home, which is in the highly sought-after Brisbane State High School catchment, is on the market for $1.75 million, after having previously been advertised for offers over $1.895 million.
On Brisbane’s bayside, five remaining apartments in a new development with stunning ocean views in Wynnum are set to be sold at a clearance auction in June.
The architecturally designed, two and three bedroom apartments at 32 Glenora Street offer views of Moreton Bay and access to a private pool and entertaining courtyard.
On the northside, a four-bedroom house has sold prior to auction after being advertised as “under court instruction to sell”.
The property on 675 sqm at 20 Violet St, Everton Hills, was due to go under the hammer today, offering the buyer the chance to renovate or detonate.
10 MOST DISCOUNTED HOMES ON THE MARKET
Address Suburb First Price Current Price Discount
1. 2 Limmen St Pimpama $850,000 $650,000 $200,000
2. 2 Triton St Tangalooma $850,000 $650,000 $200,000
3. 11/100 Macquarie St St Lucia $1.55m $1.350,000 $200,000
4. 35 Queen St Goodna $2.499m $2.3m $199,000
5. Lot 15 Briscoe Rd Dayboro $1.155m $990,000 $165,000
6. 38 High St Toowong $599,995 $449,995 $150,000
7. 603/99 Marine Pde Redcliffe $1.15m $1m $150,000
8. 33-47 Bow St Waterford $670,000 $539,000 $131,000
9. 2/24 Wilton Tce Yeronga $785,000 $665,000 $120,000
10. 105 Victoria Ave Margate $648,000 $539,000 $109,000
(Source: SQM Research)
THE BRISBANE SUBURBS WITH THE BIGGEST VENDOR DISCOUNTS
Suburb Median vendor discount (12 mths) Median house price
Greenslopes -7.8% $725,000
Sunnybank -7.4% $835,000
Rocklea -7.2% $400,000
Mount Gravatt -6.7% $645,000
Windsor -6.6% $840,000
Belmont -6.6% $690,000
Gaythorne -6.5% $637,000
Westlake -6.2% $740,000
Indooroopilly -6.2% $870,000
Holland Park West -6.1% $694,250