A massive 31 suburbs in Greater Brisbane have seen buyers negotiate double-digit discount percentages for houses. Picture: iStock
The biggest property discounts in the country have come out of four Queensland suburbs.
Latest data shows that two of those were in Greater Brisbane — with massive 50 per cent discounts on units in Rochedale and Loganlea — but the capital city region was now showing very strong house price cuts too.
A massive 31 Brisbane suburbs showed original list prices for houses discounted by double-digit percentages this past year, exclusive analysis of CoreLogic data found (full list at end of story).
Bargain hunters struck gold in Blacksoil in Ipswich where listing prices were slashed by over a third (-38.3 per cent median discount) — the highest discount for houses in Greater Brisbane.
Sellers in Burbank gave away the second highest house price discounts (-20.9 per cent) followed by Upper Brookfield (-20.0 per cent), while two Moreton Bay suburbs were also in the mix: Draper (-20.1 per cent) and Stanmore (-20.1 per cent).
NATIONAL: TOP 4 DISCOUNTERS
Rochedale (Brisbane) U -50.0%
Balgal Beach (Townsville) U -50.0%
Loganlea (Logan) U -48.8%
Wowan (Banana) H -47.8%
(Source: CoreLogic Market Trends)
A townhouse in this block at Moggill Road, Indooroopilly, sold for $527,500 on November 8 — about $21,000 or about 4 per cent less than its first minimum listing price. Picture: realestate.com.au
CoreLogic research analyst Cameron Kusher told The Courier-Mail the discounts were rising off an overall market slowdown.
“All data points to the fact that as a whole the Brisbane market has slowed,” he said. “As a result there will be some suburbs where there are big discrepancies between vendor and purchaser price expectations.”
CoreLogic found that in the past three months, 65.7 per cent of properties sold for less than the original list price, with the average discount on asking prices at 5.7 per cent.
BRISBANE CITY DISCOUNTERS:
Burbank H -20.9%
Upper Brookfield H -20.0%
Indooroopilly H -13.5%
Kenmore Hills H -12.1%
Pullenvale H -11.7%
Dutton Park H -11.1%
Grange H -11.1%
Richlands H -11.0%
Rochedale U -50.0%
East Brisbane U -19.8%
Tarragindi U -13.0%
Red Hill U -12.1%
Milton U -12.0%
Holland Park U -11.5%
Carindale U -11.0%
Herston U -10.5%
Savvy bargain hunters across the capital city drew much bigger discounting off 16 Brisbane Council suburbs — half of which was for houses and half for units.
The median discount on original house prices in Upper Brookfield was -20 per cent, Indooroopilly -13.5 per cent, Kenmore Hills -12.1 per cent, Pullenvale -11.7 per cent, Dutton Park -11.1 per cent, the Grange -11.1 per cent and Richlands -11 per cent.
This house in Burbank sold for $930,000 in September — a vendor discount of $69,000 or almost 7 per cent below its original listing price. Picture: Realestate.com.au
Unit market discounts were strongest in Rochedale (-50 per cent), followed by East Brisbane (-19.8 per cent), Tarragindi (-13 per cent), Red Hill (-12.1 per cent), Milton (-12 per cent), Holland Park (-11.5 per cent), Carindale (-11 per cent) and Herston -10.5 per cent).
The data showed property owners in many middle-income Brisbane suburbs were willing to adjust price expectations after listing their properties for sale.
BRISBANE REGION: DOUBLE-DIGIT HOUSE DISCOUNTERS
(31 suburbs with the biggest house price discounts in the Brisbane region)
Blacksoil (Ipswich) -38.3%
Burbank (Brisbane) -20.9%
Draper (Moreton Bay) -20.1%
Stanmore (Moreton Bay) -20.1%
Upper Brookfield (Brisbane) -20.0%
Riverbend (Logan) -18.8%
Wolffdene (Logan) -16.8%
Moores Pocket (Ipswich) -16.4%
Mount Mee (Moreton Bay) -16.4%
Forestdale (Logan) -16.3%
Yugar (Moreton Bay) -15.4%
Whiteside (Moreton Bay) -15.3%
Bannockburn (Logan) -14.4%
East Ipswich (Ipswich) -14.1%
Ebenezer (Ipswich) -13.8%
Lamb Island (Redland) -13.7%
Indooroopilly (Brisbane) -13.5%
Camp Mountain (Moreton Bay) -13.2%
Windaroo (Logan) -12.7%
Grandchester (Ipswich) -12.1%
Kenmore Hills (Brisbane) -12.1%
Mount Nebo (Moreton Bay) -11.9%
Pullenvale (Brisbane) -11.7%
Dutton Park (Brisbane) -11.1%
Grange (Brisbane) -11.1%
Moorina (Moreton Bay) -11.0%
Richlands (Brisbane) -11.0%
One Mile (Ipswich) -10.8%
Stockleigh (Logan) -10.6%
Russell Island (Redland) -10.5%
Muirlea (Ipswich) -10.0%