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

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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. Picture: realestate.com.au/sold

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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. Picture: realestate.com.au/sold

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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. Picture: realestate.com.au/sold

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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. Picture: realestate.com.au/sold

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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.

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. RAMS Financial Group Pty Ltd ABN 30 105 207 538 AR 405465 Australian credit licence 388065. Credit provider and issuer of RAMS deposit products: Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

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