An analysis of the average rate of discount on properties sold throughout Brisbane, the Gold Coast, and the Sunshine Coast revealed Annerley as one of the SEQ suburbs with the largest unit sale asking price reduction.
As analyzed by Domain, the study, which used a minimum of 30 observations and excluded properties that were sold through auction or were without a listed price, showed that some vendors are dropping their asking price by as much as 12 percent.
Chermside was the top suburb where vendors provide the biggest discount on their unit asking price with an average of 8.90 percent whilst Annerley ranked sixth with 7.70 percent.
According to Domain, the median price of a two-bedroom unit in Annerley, based on sales within 12 months, is $361,000 or a growth of 3.1 percent from 2018. The average days on market for the same period was 73 days with a total of 54 units sold.
Other suburbs on the list with the highest average price discount for units are Redcliffe (8.60%), New Farm (8.10%), South Brisbane and Coorparoo (8.00%), Fortitude Valley (7.50%). Kangaroo Point, St Lucia, and Brisbane City round out the list with a unit price discount average of 7.20%.
Carindale was the top Brisbane suburb with the highest average price discount on house sale price, with 8.50 percent followed by Clontarf with 7.70%. Redcliffe (7.60%),Rochedale South (7.40%), Cleveland (7.30%), Kippa-Ring (7.20%), Banksia Beach (7.10%), Margate (7.00%), Redbank Plains (7.00%), and Scarborough (6.90%) round out the top ten.
Experts say that whilst the average price discount is a good indicator of the current market conditions in a certain suburb, such indicator does not tell the complete story. Despite good buyer demand, some suburbs saw vendors eventually discounting their price because expectations were unrealistic thus leading to overpriced house or unit and longer days on market.
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