Most discounted properties in Sydney, NSW revealed: where sellers are slashing prices by to $750k
Homeseekers willing to move quickly could snap up the ‘deal of the century’ in these Sydney suburbs, where home prices are plummeting.
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Homes in parts of the northern beaches, upper north shore and Central Coast are being offered with up to $750,000 slashed off the original list price.
It comes as sellers in these areas struggle to attract buyers willing to pay the extravagant price tags, that were the norm in 2021 and even earlier this year.
Buyer’s agents said the discounts meant homeseekers willing to move quickly could snap up the “deal of the century”.
PK Property buyers agent Peter Kelaher said sellers in sections of the northern beaches – especially the outer suburbs – were offering some of the biggest discounts in Sydney because the local market had shifted.
“These were the areas that went up the quickest last year. It’s natural that whatever goes up really quickly will need to come down,” Mr Kelaher said.
The vendors more prone to discounting had properties priced between $2m and $4m and were in a position where they needed to sell quickly, Mr Kelaher said.
“With interest rates going up, there will be people who have to move on,” he said. “Some of the bigger properties were already overpriced. Then the market softened and people were saying ‘it’s not worth that’.”
Mr Kelaher said buyers would get the best deals if they were fast.
“From here to Christmas will be a fantastic time to buy,” he said. “As all the new stock comes on it will be deal time.
“Some sellers have already cut 10-25 per cent off (their prices). They won’t go further.”
Among the homes currently up for sale with a massive price reduction was an Avalon Beach house on Binburra Ave that was initially listed for $2.7m. The list price has since dropped to $1,995,000, a reduction of $705,000, according to property records.
Other discounted homes include a five-bedroom house on Pittwater Rd in Mona Vale. It was listed in April for $2.75m but, after sitting on the market for months without selling, the price was cut to $2m. The property includes a granny flat.
In nearby Wheeler Heights, a two-level house with six bedrooms has had $350,000 cut off the price since first coming to market. The original list price for the Heather St home was $2.95m. Now it’s $2.6m.
A mix of homes in Bilgola Plateau, Cromer and Clareville, also on the northern beaches, are available with $100,000-$450,000 cut off the price.
Further north, on the Central Coast, a renovated cottage on Cornelian Rd in Pearl Beach is listed for $2.1m. The original price was $2.3m.
Avenue Auctions director Andrew Cooley said some sellers were in a position where they had to drop their expectations because their original list prices were simply too high.
Many would have based their expectations off comparable sales from the past six months, but these were no longer an accurate indication of where buyers were at because higher interest rates have since reduced their budgets.
Other agents revealed real estate purchases were also not as much of a priority for buyers as they were last year, when lockdowns and closed borders meant there was increased focus on the family home. The result was homeseekers allocating smaller budgets for purchases.
Don’t miss our special Spring Market Report in the Saturday Telegraph this Saturday August 27 and in The Sunday Telegraph this Sunday August 28 and online.
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Originally published as Most discounted properties in Sydney, NSW revealed: where sellers are slashing prices by to $750k
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