Yahoo Finance Where homes are selling way under the expected price
The Aussie property market is showing its cracks with a huge percentage of homes selling under expectations.
The Aussie property market is under a huge amount of pressure with many homes now selling under expectations.
New research by online property sales platform Openn highlighted the challenges of pricing property in Australia.
Openn analysed February sale prices across six states and compared them to the expected sale price range.
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The results found around 33 per cent of the residential properties sold for a price within 10 per cent of a model price estimate.
Interestingly, Tasmania had the highest proportion of sales below expectations (70 per cent), while South Australia had the highest proportion of sales above expectations (17 per cent).
In NSW, 57 per cent of properties sold under the price estimate. In Victoria, 54 per cent sold under estimate and in Queensland, 60 per cent sold under the price estimate.
But not all properties are selling below expectations, with some actually selling significantly over the estimated price.
Here are the top 10 sales that bucked the trend.
Rank | Property | Sold for | Price estimate |
1 | 31 North Avenue Leichhardt 2040 | $3,165,000 | $2,652,000 |
2 | 19 Meymott Street Randwick 2031 | $3,750,000 | $3,330,000 |
3 | 3 Brae Street Bronte 2024 | $4,750,000 | $4,334,000 |
4 | 130 Duntroon Street Hurlstone Park2193 | $2,365,000 | $2,076,000 |
5 | 27 Bowral Close Hornsby Heights2077 | $2,100,000 | $1,821,000 |
6 | 306 North Rocks Rd North Rocks2151 | $2,725,000 | $2,446,000 |
7 | 1/103 Ferry Road Glebe 2037 | $1,845,000 | $1,580,000 |
8 | 45 Tomah Street Carlingford 2118 | $2,500,000 | $2,236,000 |
9 | 19 Bayside Drive Lugarno 2210 | $1,800,000 | $1,540,000 |
10 | 8 Parliament Terrace Bardwell Valley2207 | $1,990,000 | $1,734,000 |
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