Price slashed $200k: How to find discounted properties in QLD

Prices are being slashed on properties in a number of Queensland suburbs, with discounts of up to $200,000 to be found for those willing to shop around.

While it may feel like a sprint to purchase property in some Queensland suburbs, there are plenty of others where a gentle stroll to the finish line will suffice.

And if you are willing to do your homework, and know the key terms to help you find a bargain, you may just land a hefty discount.

A search of realestate.com.au has unearthed a number of properties that have had their sales prices “discounted”, “slashed”, “cut” or “reduced”.

A four-bedroom house at Rocklea has had its price “reduced to offers over $750,000 while a “bargain buy” at Calamvale has also seen its price dropped to offers above $790,000.

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Price drop for 32 Reardon Street, Calamvale

That same Calamvale property was listed for offers over $829,000 earlier this month – a possible saving of $39,000.

The vendor of a Norman Park house has knocked a whopping $200,000 off the original list price of $1.2 million, now asking for the top offer above $1 million.

The list price for 16 Waite Street, Norman Park, has been reduced by a whopping $200,000

But there are properties right across Queensland where list prices have been reduced as buyer demand continues to ease and vendors, no longer solely in the driver’s seat, are forced to meet the market.

The owners of a house at Carrara are “now only asking $850k” after more than 50 days on the market.

Up north, a Queenslander in Hermit Park (Townsville) has had its price reduced to $575,000 and “must sell” after being first listed for $619,000.

69 Armstrong Street, Hermit Park was first listed for $619,000

Buyers should also look to the suburbs where properties spend the most days on market, in other words, take longer to sell.

In Brisbane, properties on Russell Island take the longest to sell on average at 101 days, according to the latest REA Market Trends report.

Other slower movers can be found on Karragarra Island, Dugandan, Hamilton, Coochiemudlo Island, Marburg, Kalbar, Lamb Island, Macleay Island, Toogoolawah and Toorbul.

It is not a sprint in every Brisbane suburb Picture: Brendan Radke

Cohen Handler Brisbane buyers agent Brandon Mein said buyers now had more time than in previous years to research and carry out proper due diligence.

“Having said that, my advice would be to buy now if you can as there is likely buyers waiting on the sidelines and FOMO could be back by the end of the year,” he said.

“A lot of interstate buyers who did not make the move in the pandemic will be looking to make the move towards the end of the year, before Christmas, before school. That’s normal, and it is all relative.”

Across the state, houses in Clermont stay on the market the longest – an average of 376 days, followed by Mitchell, Tully, Cardwell and Longreach.

In the Townsville region, the slowest markets are Richmond Hill (117 days), Toll (113), Charters Towers City (113), Queenton (104) and Ingham (98).

In the garrison city itself, houses on Castle Hill take the longest to sell at 70 days.

In the Greater Cairns region, there are eight suburbs where it takes 100 days or more on average to sell a house, led by Tully and Cardwell on 212 days each.

In Cairns itself, Babinda is the slowest moving market (80 days), followed by Palm Cove (64) and Stratford (53).

The jetty at beautiful Palm Cove beach. Picture: Brendan Radke

On the Gold Coast, Bonogin is the place to look for buyers unwilling to be swept up by FOMO, with median days on market at 67 days, followed by Lower Beechmont (60), Wongawallan (59), and Currumbin (59).

The Sunshine Coast’s slowest market is also its most expensive at $3.275 million, with the typical property in Sunshine Beach transacting in 78 days.

That is followed by North Maleny (74), Verrierdale (73), Bokarina (70) and Tinbeerwah (70). All have median house values north of $1.1 million.

The price has been reduced for 2 Lambor Drive, Mudgeeraba

Hello Haus founder and director Scott Aggett likened the current market to the “shoulder season in tourism” with interest in high end properties still strong but the number of buyers dropping off.

“We aren’t at winter rates but we do have expectations from some weaker agents who are pricing high to win listings, whereas in Sydney we are hearing from some agents who are quoting up to 30 per cent less just to get people through the door,” he said.

Mr Aggett said Queensland had seen some crazy price growth, and while it wasn’t “panic stations” it was balancing out.

“The price growth has impacted some parts of the market in particular, and for some the great Australian dream is even harder to envisage,” he said.

“If these suburbs (that became unaffordable) become unattainable, and they lose their useful energy, they also risk becoming boring.

“Suburbs need a mix of demographics and socio-economic factors to keep their heart.”