AU The $2m Fremantle house now going for...
Property Here - Sunday, May 12, 2013
A FREMANTLE house 10 minutes from the cafe strip is Australia's most discounted property.
Originally listed for $1.8 million, the asking price for the South St residence has dropped by almost half to $990,000 in 84 days.
It is just one of a suite of dramatically discounted properties across Australia. Some of them have been on the market for more than four years and have been discounted by up to 45 per cent.
Properties of all kinds make up the top-10 list of discounted properties published by SQM Research, from luxury beach-front apartments to sprawling estates.
The South St property is on a 607sq m block, qualifies for subdivision and was listed as a "delightful character home'' with jarrah floors, high ceilings, an ornate fireplace, ceiling roses and leadlights.
A home half the size on the same street sold for $799,000 two months ago. Other WA properties to make the national top-10 list are a North Fremantle apartment and a two-storey home with beach views in Two Rocks.
SQM Research managing director Louis Christopher said even in a rising market, such as in Perth, there would still be severely discounted properties.
"Vendors can sometimes be overly optimistic and think someone is going to come along and pay top dollar, but 99.9 per cent of homebuyers are aware of the market and have a lot of market intelligence,'' Mr Christopher said.
"If sellers want to sell, they need to have an asking price at or close to the market rate.''
He said the best time for a sale was in the first three weeks.
"Homes that don't sell in that time get a stigma and buyers may think there is a problem with the home even if there isn't,'' he said.
"Eventually the vendor may realise they have overpriced the home and will start dropping the price.
Once this happens, they may have to drop the price below a fair market value to sell it.''
Mr Christopher said Perth properties worth more than $1 million weren't selling as fast as in other capital cities, despite Perth's rising market.
Read more: http://www.news.com.au/realestate/selling/the-2m-fremantle-house-now-going-for/story-fndbawks-1226640464279#ixzz2TBTDIGwQ