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South Australia's top real estate bargains revealed - the homes with the biggest discounts

IF your New Year's resolution was to buy a new home, beach house or investment property, look no further.

Real estate analyst SQM Research's Home Discounts Report has scoured South Australia's property listings to find the state's biggest New Year bargains - our most heavily-reduced metropolitan and hills properties on the market.

While the average time on market for properties in SA is currently 56 days, one of the state's top 25 bargain homes has been listed for more than three years.

A further 11 have been on the market for more than two years and nine for over a year.

Lot 106 Starrs Gully Rd, One Tree Hill, for sale through Toop & Toop Real Estate, was identified as the state's biggest property bargain, having both the largest price reduction and the greatest percentage reduction.

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Originally placed on the market for $2.2 million 718 days ago, the home has since been reduced by $810,000 to $1.39 million.

Owners Rick and Gail Langley said, at the current price, the property was indeed a bargain.

GALLERY: More photos inside this stunning One Tree Hill property

The timber home, based on mountain chalets commonly found in Colorado, is made of cypress, mahogany, red gum and spotted gum and features hand-carved features and imported wrought iron details.

Mr Langley said he built the home for $1.25 million and that he was sad to have had to reduce the price.

"I'll make a loss at that price," Mr Langley said.

"If I'd sold it for what it was originally on the market for I would have basically been walking out of it for what I put into it.

"The house itself cost me $1.25 million to build and the land value was probably around $700,000 to $800,000, but what people don't realise is you've built a million-dollar house on a big piece of land and you can't get your money back.

"The problem with selling your dream house is that you know what you've spent on it but nobody else does, so you can end up with a house where nobody quite knows the quality of the materials that are in it and the effort that it took to build it."

MORE: Adelaide median home prices top $400,000

Real Estate Institute of South Australia chief executive officer Greg Troughton said, on average, SA properties were selling quicker for less discount than previous years.

"A couple of years ago, vendor discounting was up around 7.5 per cent," Mr Troughton said.

"That discount is currently around five per cent which means that vendors starting point is obviously a bit more reasonable."

Mr Troughton said a vendors' desired price was almost always above the market value and that real estate agents must manage the seller's expectations and clearly explain the state of the marketplace.

"But sometimes vendors are unreasonable about what they hope to get for their property," Mr Troughton said.

"Some vendors have properties that aren't costing them anything, they may be renting them or the property may be just sitting there, so they simply put it on the market in the hope that someone sees the value in it and they get lucky.

"At the end of the day, not every single person with a property on the market is in a rush to sell it."

Mr Troughton said a property must be marketed well throughout the entire campaign, not just at its launch.

"You may need to refresh and renew the marketing throughout a campaign, both in print and online, to prevent to property from stagnating."


DISCOUNT: $810,000 (-36.8%)


First Listed: 15/1/2012 for $2.2 million

Current Price: $1.39 million

Days on Market: 718

By vayaM CS