One suburb in Queensland remains the hardest place in Australia to sell property, with vendor discounting of up to 41 per cent and over 1,000 days on market.
Lamb Island, in Queensland’s Redland Bay region, has maintained its position at the top of SQM Research’s ‘Top 10 Most Discounted Properties Nationwide’ list.
The property at 4 Edgewater Place, which also topped the list earlier this year, has now been on the market for 1,296 days and has dropped its initial asking price by 41 per cent – down from $425,000 to $249,000.
A second property on Lamb Island comes in at number four on the list, with a drop in the initial asking price of 40 per cent and 1,282 days on market.
Earlier this month, Residential Property Manager’s sister publication, Smart Property Investment, reported that the average listing duration for Lamb Island was 959 days.
Coming in second on the list is a property in Bundamba, a suburb in Ipswich, which has been on the market for 566 days and has been subject to vendor discounting of 41 per cent.
Queensland dominated SQM’s list, with three suburbs appearing. New South Wales, South Australia and Tasmania had two suburbs on the list and Victoria had one property appear.