Where homes are selling below market value

Sellers in these Queensland suburbs have begun discounting home prices by as much as $114k. SEE WHERE

Savvy homebuyers are scoring big discounts in pockets of Queensland where sellers are slashing asking prices by up to $114,000 to meet shifting market conditions.

New SuburbData analysis shows sellers in 20 suburbs alone have been forced to cut prices by at least 5 per cent as rising stock levels and affordability pressures bite.

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This double-storey house in North Ipswich was bought by an interstate investor for $700,000 after being listed between $760,000 and $790,000 in October.

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“There is a correlation between higher discounts and softer demand,” SuburbData analyst Jeremy Sheppard said.

“Whatever situation the market is in, whether it’s oversupply or some other factor, higher discounts reflect that buyers are in control and sellers have to take what is given to them.”

Fringe areas like Ipswich, Logan, and Moreton Bay topped the list.

In Woodend, Ipswich, houses sold for an average 16.3 per cent below the list price in the first three months of this year. The median house price has climbed 22 per cent since 2024 to a median of $700,000, according to PropTrack data.

Buyers in Banksia Beach and Wynnum West secured discounts of about $100,000, or just under 10 per cent off the list price. Values in those suburbs were up 12 and 14 per cent over the past year, to medians of about $1m.

Ipswich real estate agent Roger Eveans said the market had swung in buyers’ favour. Picture: Supplied

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Savings of 8 to 12.5 per cent were also recorded in Eagleby, North Ipswich, Springfield, Wynnum (units), Woodridge, and Bellara, with discounts averaging $66,500 on homes priced between $660,000 to $823,500.

Ipswich agent Roger Eveans said the market had swung back in buyers’ favour.

“Buyers are certainly able to come to the negotiating table again,” Mr Eveans said.

“The balance has shifted, and we’re finding the buying and selling game is back to how it was before Covid where negotiating is the norm.”

Mr Eveans said sellers who aimed too high risked losing momentum.

“Sellers are starting to understand that a good starting price can generate multiple offers.

If you overshoot and then have to drop back to the market, you lose urgency — and buyers just keep scrolling past properties advertised without a clear price.”

Property investor Arjun Paliwal said affordability pressures threaten growth. Picture: John Gass

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InvestorKit’s Arjun Paliwal said affordability pressures could cool growth in southeast Queensland, despite a booming population and strong infrastructure investment.

“In the housing market, supply has been increasing faster than demand, leading to a rise in inventory levels since mid-2024,” Mr Paliwal said.

“While market pressure remains high, as seen in the persistently low days on the market, the growing inventory suggests gradual relief, which could result in slower growth over the coming year.”

This five-bedroom Coopers Plain house is advertised with a price drop and now asking $1.5m after five months without a buyer.

Recent sales include a double-storey character home in North Ipswich purchased by an interstate investor for $700,000 after being listed between $760,000 and $790,000 in October.

In Woodend, a three-bedroom house sold for $970,000 after listing in September at $1m-$1.1m, and in Runcorn, a three-bedroom house was reduced to $899,000 following a collapsed contract.

Discounted listings still on the market include a West End apartment reduced to $820,000 for a “quick sale”, and a 2023-built five-bedroom house at Coopers Plains now asking $1.5m after five months without a buyer.

InvestorKit’s report noted a drop in the total volume of homes sold in Greater Brisbane since last year, coupled with a spike in properties on the market – though the average days on market remained low at about 18 days.

This West End apartment is among discounted listings on the market, reduced to $820,000 for a "quick sale"

Mr Sheppard said investors should be wary of buying in a heavily discounted area.

“Bargain hunting is great if you’re simply seeking a roof over your head and you plan to stay in the property for 20 years, but from an investment point of view it’s not always good,” he said.

“We call it a buyer’s market because it’s easy to buy into, but the best markets for capital growth are very hard to get into.”

The data also identified suburbs where homes were selling up to 8 per cent above the asking price, including Morayfield houses and units in Newstead and Coorparoo. Buyers in those markets paid about $59,000 more for a typical home priced at $736,000.

A three-bedroom house in Woodend sold for $970,000 after being listed between $1m and $1.1m

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“Properties selling for well above the advertised prices indicates the buyers are often desperate,” Mr Sheppard said.

“Agents don’t give buyers the time of day in these markets because demand exceeds supply and they know there are plenty of buyers competing on every listing.”

South Ripley, Murrumba Downs, Wynnum, and Thornlands also featured as hot seller’s markets, with Thornlands boosted by a state government declaration of a Priority Development Area to accommodate 8000 new homes.

Agent Kathy Tsai said development plans had boosted the Thornlands market

“The stock level compared to this time last year is considered low,” said local agent Kathy Tsai.

“The market is peaking and sellers here are still in the box seat.”

Mr Sheppard said these location held potential for quick capital gains.

“In a lot of these markets, whatever you pay now may seem like a bargain in a year’s time,” he said.

“You will need courage and be prepared to offer more to get in, but there will be more growth.”

The data only included properties with a quoted price, excluding auction and expression of interest listings.

Originally published as Where homes are selling below market value