Latest news with #JeremySheppard
Daily Telegraph
17-05-2025
- Business
- Daily Telegraph
Sydney suburbs where homes are selling for huge discounts
Home seekers across pockets of Sydney have been given a double dose of good fortune: their loan costs are getting cheaper as interest rates drop but they're also scoring unthinkable price discounts. Exclusive new analysis has revealed multiple city pockets where home buyers have been securing deals averaging 10 per cent below the list price, helping them save upwards of $100,000. Deals of this magnitude have rarely been seen in the years since the Covid pandemic hit, when record levels of migration and sluggish home building resulted in housing demand outstripping supply. MORE: What homes will be worth in each suburb by 2030 Most of the biggest discounts were secured on apartments across Sydney's middle ring, according to the study of private treaty sales by research group SuburbData. There were also outer areas along prominent train lines where house discounting rates were high. MORE: Block star unleashes on DIY 'time bombs' SuburbData analyst Jeremy Sheppard said these suburbs were 'buyer's markets' where home seekers were entering price negotiations from a stronger position. '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,' Mr Sheppard said. Suburbs with particularly high average vendor discounting on units were Merrylands West, near Parramatta, and Rosebery in Sydney's south, according to the study by research group SuburbData. Merrylands West apartments were typically selling for about 15 per cent cheaper than the advertised price, while in Rosebery the average discount was 13 per cent. Sydneywide, the average discount on properties of all types, is about 1-2 per cent for private treaty sales, while the average price secured by auction was higher than the price guide. MORE: John Howard's hidden homes shame Other suburbs where buyers secured unit prices an average of 10 per cent below the list price over the 12 months to March were Hurstville, Epping and Surry Hills. Rockdale unit buyers were getting discounting of close to 9 per cent. Recent buyers, accustomed to properties selling for well over the advertised price guides, said they couldn't believe the kind of bargains they were getting. Kelly Olive, 37, who recently bought an apartment in Rockdale for below list price said she felt as though there was someone watching over her. 'I can't believe how lucky I got,' she said. 'It looks like interest rates are going to go down and I got a great unit. I really feel like I bought at just the right time.' Ms Olive added that she didn't have the same luck earlier in her home search, when she had confined her search to the inner west. 'Everything was selling for way over the price guides. It was overwhelming,' she said. 'Then I was told I'd get better value in Rockdale. I hadn't considered the area before. It was a good choice.' A family of four who bought a duplex earlier this year in Revesby, where the average house is selling for 8 per cent below the list price, said they got their home for $105,000 below the original price. 'We later learned we were the only ones who put in an offer and the sellers needed to move quickly. It was the right place at the right time,' one of the buyers said. Home seekers in other parts of Sydney have not been as lucky. SuburbData research showed there were many areas where the average unit or house was selling for above the list price. Unit buyers were paying an average of 13 per cent above list price in the suburb of Sutherland, in Sydney's south, and 8 per cent above list price in nearby Cronulla. It was a similar story in North Kellyville, in the northwest, where units were typically selling for 10 per cent above list price, while in southwest suburb Ingleburn houses were selling for 11 per cent over. '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.' Mortgage Choice Inner West broker Chantelle Rangel said there may only be a small window for new purchasers to capitalise on softer buying conditions in various areas as coming interest rates may heat the market. 'There is always a frenzy of demand as soon as rates drop … I've never been so busy,' she said. 'What's interesting is, we've had a significant increase in Investor pre-approvals as well as people wanting to purchase in their self managed super funds, now that affordability from a personal cash flow perspective has improved with owner occupied repayments becoming more manageable.' Mr Sheppard said buying in an area where vendors were accepting offers well below list prices often came with a downside. 'Buyer's markets are ironically not so good to buy into if you want the value of the property to go up quickly,' he said.
Mercury
16-05-2025
- Business
- Mercury
Huge home discounts: Aus suburbs where you can bag a bargain
Savvy homebuyers are scoring big discounts across a number of Aussie suburbs where sellers are slashing asking prices by thousands of dollars to meet shifting market conditions. New analysis from SuburbData has revealed the top locations for buyers looking to bag a property bargain with Melbourne providing the biggest vendor discounts, the data shows. The Victorian capital currently has 17 markets where buyers could see price drops of over 10 per cent off the original asking price, compared to just eight locations in Sydney, three in Brisbane and one in Adelaide. SuburbData analyst Jeremy Sheppard said suburbs with high rates of vendor discounting were usually 'buyer's markets' where home seekers were entering price negotiations from a stronger position. 'There is a correlation between higher discounts and softer demand,' he 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.' MORE NEWS $80bn upgrade: Aussies' $1300 insane saving How to pick the next booming property market Second RBA rate cut to drive uptick in refinancing Here's how your state compares. QUEENSLAND Sellers across 20 Brisbane suburbs have been forced to cut prices by at least 5 per cent as rising stock levels and affordability pressures bite. Fringe areas like Ipswich, Logan, and Moreton Bay topped the SuburbData list, recording discounts of up to 16.3 per cent. Buyers in Banksia Beach and Wynnum West also secured discounts of about $100,000, or just under 10 per cent off the list price, while savings of 8 to 12.5 per cent were 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. Read the full story here. VICTORIA In Melbourne, Mont Albert delivers the strongest discount across the city, with vendors typically selling homes for 18.8 per cent less than they had expected. Point Cook, Collingwood, Lilydale and Altona round out the top five for biggest price reductions, with discounts varying between 13.8 per cent and 17.7 per cent. Other areas where markdowns were more common included parts of the southeast and inner suburbs with older housing listing sor higher proportions of investor-owned properties. Homes that required renovation or had been poorly maintained tended to sit longer on the market and sell at steeper discounts. Read the full story here. NEW SOUTH WALES Home seekers across pockets of Sydney have been given a double dose of good fortune: their loan costs are getting cheaper as interest rates drop but they're also scoring unthinkable price discounts. Exclusive new analysis has revealed multiple city pockets where home buyers have been securing deals averaging 10 per cent below the list price, helping them save upwards of $100,000. Most of the biggest discounts were secured on apartments across Sydney's middle ring, according to the study by research group SuburbData. There were also outer areas along prominent train lines where house discounting rates were high. Suburbs with particularly high average vendor discounting on units were Merrylands West, near Parramatta, and Rosebery in Sydney's south. Merrylands West apartments were typically selling for about 15 per cent cheaper than the advertised price, while in Rosebery the average discount was 13 per cent. Sydney-wide, the average discount on properties of all types, is about 1-2 per cent for private treaty sales, while the average price secured by auction was higher than the price guide. Read the full story here. SOUTH AUSTRALIA In SA, buyers are likely to score the biggest saving in Gulfview Heights with the average vendor discount sitting at 12.5 per cent. It means the average house is likely to sell for $120,000 less than the original asking price, based on the median suburb price of $960.000. Houses in Adelaide CBD are also selling, on average, for 8.2 per cent less the original asking price and 5.3 per cent in Modbury. Potential savings can also be found in Largs North, Banksia Park and Woodside in the Adelaide Hills, where properties sell between 2.1 per cent and 4.9 per cent less the asking price. Read the full story here. NORTHERN TERRITORY In the NT, the biggest winners would be mortgage holders in Fannie Bay, where the average cost of a house is sitting at $906,771. A 25bp cut would mean a saving of $216 a month on the mortgage of a typical Fannie Bay house, while a 50bp drop would save $230 a month. In Lyons, where the average cost of a house is $2.4m, a 25bp cut would mean a $109 monthly saving, while a 50bp cut would equate to $216 a month off the mortgage bill. In Nightcliff, mortgage holders paying off an average house could expect to save $105 (25bp cut) and $209 (50bp cut) a month. At the other end of the scale, a property owner paying off a unit in Bakewell, where the median price is $292,807 would see a monthly reduction of $37 based on a 25bp and $74 based on a 50bp reduction. In regional NT, a 0.25 percentage point rate cut would mean a monthly saving of $53 for an owner paying off a typical house and $32 for a typical unit. While a 0.5 percentage point cut would mean $105 a month of the mortgage of an average-priced house and $65 off an average-priced house. Read the full story here.
News.com.au
16-05-2025
- Business
- News.com.au
Where homes are selling below market value
Savvy homebuyers are scoring big discounts in pockets of Brisbane where sellers are slashing asking prices by up to $114,000 to meet shifting market conditions. Sellers in 20 suburbs have been forced to cut prices by at least 5 per cent as rising stock levels and affordability pressures bite, a new SuburbData analysis shows. 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. 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. '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.' 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.' 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.' 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. 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. Whatever happened to Hog's Breath Cafe? '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. '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.
News.com.au
16-05-2025
- Business
- News.com.au
Sydney suburbs where homes are selling for huge discounts
Home seekers across pockets of Sydney have been given a double dose of good fortune: their loan costs are getting cheaper as interest rates drop but they're also scoring unthinkable price discounts. Exclusive new analysis has revealed multiple city pockets where home buyers have been securing deals averaging 10 per cent below the list price, helping them save upwards of $100,000. Deals of this magnitude have rarely been seen in the years since the Covid pandemic hit, when record levels of migration and sluggish home building resulted in housing demand outstripping supply. Most of the biggest discounts were secured on apartments across Sydney's middle ring, according to the study of private treaty sales by research group SuburbData. There were also outer areas along prominent train lines where house discounting rates were high. SuburbData analyst Jeremy Sheppard said these suburbs were 'buyer's markets' where home seekers were entering price negotiations from a stronger position. '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,' Mr Sheppard said. Suburbs with particularly high average vendor discounting on units were Merrylands West, near Parramatta, and Rosebery in Sydney's south, according to the study by research group SuburbData. Merrylands West apartments were typically selling for about 15 per cent cheaper than the advertised price, while in Rosebery the average discount was 13 per cent. Sydneywide, the average discount on properties of all types, is about 1-2 per cent for private treaty sales, while the average price secured by auction was higher than the price guide. Other suburbs where buyers secured unit prices an average of 10 per cent below the list price over the 12 months to March were Hurstville, Epping and Surry Hills. Rockdale unit buyers were getting discounting of close to 9 per cent. Recent buyers, accustomed to properties selling for well over the advertised price guides, said they couldn't believe the kind of bargains they were getting. Kelly Olive, 37, who recently bought an apartment in Rockdale for below list price said she felt as though there was someone watching over her. 'I can't believe how lucky I got,' she said. 'It looks like interest rates are going to go down and I got a great unit. I really feel like I bought at just the right time.' Ms Olive added that she didn't have the same luck earlier in her home search, when she had confined her search to the inner west. 'Everything was selling for way over the price guides. It was overwhelming,' she said. 'Then I was told I'd get better value in Rockdale. I hadn't considered the area before. It was a good choice.' A family of four who bought a duplex earlier this year in Revesby, where the average house is selling for 8 per cent below the list price, said they got their home for $105,000 below the original price. 'We later learned we were the only ones who put in an offer and the sellers needed to move quickly. It was the right place at the right time,' one of the buyers said. Home seekers in other parts of Sydney have not been as lucky. SuburbData research showed there were many areas where the average unit or house was selling for above the list price. Unit buyers were paying an average of 13 per cent above list price in the suburb of Sutherland, in Sydney's south, and 8 per cent above list price in nearby Cronulla. It was a similar story in North Kellyville, in the northwest, where units were typically selling for 10 per cent above list price, while in southwest suburb Ingleburn houses were selling for 11 per cent over. '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.' Mortgage Choice Inner West broker Chantelle Rangel said there may only be a small window for new purchasers to capitalise on softer buying conditions in various areas as coming interest rates may heat the market. 'There is always a frenzy of demand as soon as rates drop ... I've never been so busy,' she said. 'What's interesting is, we've had a significant increase in Investor pre-approvals as well as people wanting to purchase in their self managed super funds, now that affordability from a personal cash flow perspective has improved with owner occupied repayments becoming more manageable.' Mr Sheppard said buying in an area where vendors were accepting offers well below list prices often came with a downside. 'Buyer's markets are ironically not so good to buy into if you want the value of the property to go up quickly,' he said.
