Asking prices for some homes in highly-sought after suburbs in Sydney have been slashed by up to $800,000.
The homes on the North Shore, Northern Beaches and in the Hills District – mostly luxury abodes already sitting at the higher end of the market – are being discounted as desperate sellers try to attract buyers.
The price gash is against the trend in Sydney, where most properties are selling within about six weeks.
Asking prices for some homes in Sydney suburbs on the North Shore, Northern Beaches and in the Hills District have been slashed by up to $700,000 Pictured: 23 Sandpiper Place, Kenthurst
The homes, most luxury abodes already sitting at the higher end of the market, are being discounted as desperate sellers try to attract buyers. Pictured: 15 Rosella St, Dural
The suburb of Kenthurst had the most discounted sales of 2020, such as a seven-bedder that sold for $700,000 less than the original asking price, $2.1million.
The Kenthurst home, 23 Sandpiper Place, sits in a cosy cul-de-sac and features an in-ground saltwater pool and triple garage on 3112sqm, reported Domain.
A $3.89million estate in Dural is listed for $400,000 less than the original price, despite coming with five bedrooms, a pool, wine cellar and pool room set on five acres.
A stunning Grecian six-bedroom, three-bathroom house less than a kilometre away from Avalon village has reduced its asking price from $3.8-4.1million to $3.3million.
Another Avalon residence had been left on the shelf since 2019, being initially listed as nearly $5million before being listed at $2.75million and sold at an unknown price.
The price gash is against the trend in Sydney, where most properties are selling within about six weeks. Pictured: 5 Ruskin Rowe, Avalon Beach
A $3.89million estate in Dural (pictured) is listed for $400,000 less than the original price, despite five bedrooms, a pool, wine cellar and pool room set on five acres. Pictured: 12 Langford Road, Dural
SYDNEY SUBURBS WITH SLASHED PRICES
Avalon – $2.25M and $800K
Kenthurst – $700K
Gordon – $600K
Dural – $400K
Killara – $100K
Most Sydney houses are pulling in record numbers, with the median house price hitting $1.2million and prices climbing by an annual pace of 6.7 per cent.
Domain senior research analyst, Nicola Powell, said an interest rate cut in November, taking the cash rate to a new record-low of 0.1 per cent, boosted demand in most markets at the end of a difficult year.
‘Record-low interest rates have spurred buyer activity with cheaper credit easing the affordability of mortgage repayments,’ Dr Powell said.
Sydney’s median unit price of $729,840 fell by 0.3 per cent last year, with apartment living in Australia’s biggest city still far more expensive than living in a house in Brisbane, Adelaide, Perth, Hobart of Darwin.
An hour’s drive north of Sydney, Central Coast median house prices surged in 2020 by an even more impressive 12.7 per cent to $710,000, as more professionals chose to live near the beach and work from home.
West of Sydney, Blue Mountains house prices rose 9.1 per cent to $725,397.
Despite three months of lockdown, Melbourne’s median house prices rose by a more modest 3.9 per cent to $936,073 in the year to December 2020.
Melbourne’s median apartment value of $569,677 was only marginally cheaper than Adelaide’s median house price and dearer than a home with a backyard in Perth, Hobart and Darwin.
Most Sydney houses are pulling in record numbers, with the median house price hitting $1.2million, with prices climbing by an annual pace of 6.7 per cent. Pictured: 173 St Johns Avenue, Gordon
Dr Powell said Victorian government incentives for first-home buyers boosted demand as property newcomers saved up while locked down in early August to late October.
Brisbane’s median house price last year rose by 5.6 per cent to $616,387.
A short drive away, Gold Coast house prices climbed 7.6 per cent to $705,000.
Sunshine Coast house prices surged by 10.2 per cent to $690,000.
Adelaide’s equivalent values climbed by 6.1 per cent to $574,264.
Canberra’s mid-point house prices surged by 9.1 per cent to $855,530 while Hobart’s median soared by 12.4 per cent to $564,091.
Perth’s median house price rose by 6.3 per cent to $563,214 but it failed to reach a record high having peaked in 2014.
The story was similar in Darwin where house prices rose 3.6 per cent to $533,845.
Darwin had Australia’s cheapest capital city unit price of $285,539.
MEDIAN HOUSE PRICES IN BIG CITIES
Sydney: $1,211,488, up 6.7 per cent
Central Coast: up 12.7 per cent to $710,000
Blue Mountains: up 9.1 per cent to $725,397
Melbourne: $936,073 , up 3.9 per cent
Canberra: $855,530, up 9.1 per cent
Brisbane: $616,387, up 5.6 per cent
Gold Coast: up 7.6 per cent to $705,000
Sunshine Coast: up 10.2 per cent to $690,000
Adelaide: $574,264, up 6.1 per cent
Hobart: $564,091, up 12.4 per cent
Perth: $563,214, up 6.3 per cent
Darwin: $533,845, up 3.6 per cent
National: $852,940, up 5.8 per cent
Source: Domain median house price data, annual increases in December 2020
This post was first published on DailyMail.