Millions slashed off Adelaide house prices
January 11, 2012MILLIONS of dollars are being wiped off house prices as sellers “get real” with values, agents say.
A luxury property at Glenelg North, now listed with Toop & Toop, is nearly $1 million less than the last time it was on the market.
The 5 Cygnet Court property has a price guide of $6.9 million. When listed by another agency in June 2010, the asking price was $7.75 million.
LJ Hooker West Lakes sales partner Donna Farquhar is considering enlarging the “reduced $100,000″ sticker on a house she is selling on Semaphore Rd, Exeter.
Despite the property being rented out for $480 per week, she said the owners were “motivated to sell”.
“Realistic pricing is so important because there is so much competition out there,” Ms Farquhar said.
Real Estate Institute of SA president Greg Moulton said it was “critical” that vendors set a realistic price.
“Otherwise, there is no way you will sell your property,” Mr Moulton said.
“People are being very careful with their money and even though it is an emotional purchase, they are not going to pay more than the property is worth.”
Source: AdelaideNow
Mr Moulton said the biggest discounts were in properties worth more than $2 million, where a 2 per cent discount or more was common.
Toop & Toop managing director Anthony Toop said vendors needed to be careful when considering an asking price for their property and should not be seduced by the idea of getting the highest price.
“The pricing should be left to the valuers and the sales and marketing left to agents,” Mr Toop said.
“Rather than having an agent price the property for you, they should point out to you homes that have sold in that area and are most similar.
“Don’t consider sales before 2011 because the 2009 and 2010 sales may be well over the price you will achieve at the moment.”
Mr Toop said it was vital that a property was correctly priced from the outset of a sales campaign as potential buyers were unlikely to return.
