Londonderry has the Most Discounted Property
SQM Research was recently studying the areas where residential property is being heavily discounted, along with the length of time that the property has sat on the market.
According to their rankings, a property in Londonderry, New South Wales, appears to be top of the list.
The five-bedroom house is listed by SQM Research as the most discounted property on the market out of a listing of ten heavily discounted properties, reported Property Observer.
SQM Research claimed that the house was first listed in August 2010 for a price tag of $2.3 million. The property is situated in Hughes Street, and the 2.83 hectare land has DA approval to build a detached dual occupancy and farm shed.
After being on the market for a massive stretch of 959 days, the property is now listed for $1.2 million. This is a staggering 44% discount off the original asking price.
A property in Redbank Plains is ranked in second place by SQM Research. The one-bedroom property was first listed on the market 84 days ago with an asking price of $350,000, and the property is now listed for $199,000.