Panicked investors are offloading Sydney homes at heavily discounted prices in a desperate bid to fast track sales as coronavirus bites the market.
Some investors with CBD and inner city apartments are slashing up to $250,000 from the original price listed before the pandemic hit Australia’s shores earlier this year.
While prices for all housing categories across Sydney has dropped in recent months, the inner city unit market was one of the hardest hit.
Advertised unit prices in Sydney’s CBD are down 15 per cent compared to a year ago, according to SQM Research’s Asking Prices Index.
This three bedroom unit in the Sydney CBD has had $250,000 slashed from original price
Listed in March, the same Kent Street apartment remains on the market
‘The inner city unit market is Sydney’s weakest and will probably remain so until international travel restrictions are lifted,’ My Housing Market economist Andrew Wilson told the Realestate.com.au.
Among the biggest savings is a three bedroom, two bathroom unit at 361-363 Kent Street originally listed at $1.55million.
It remains on the market at $1.3million, the price it last sold for in 2017.
A few blocks away in the same street, a one bedroom unit has been slashed by $50,000 to the discounted price of $730,000.
A one bedroom in nearby Clarence Street was listed for $1.05m but remains on the market six months later at the reduced price $960,000.
There are also plenty of bargains in the nearby inner-city suburb of Ultimo.
This one bedroom unit in Wattle Street Ultimo had a $826,000-$855,000 price range
Six months later, the Wattle Street unit remains on the market and slashed up to by $95,000
A one bedroom unit in Wattle Street is currently listed at $735,000-$760,000, almost $100,000 below the original $826,000-$855,000 price range.
A two bedroom unit in the same suburb was originally listed $1.2m but has since been slashed by $200,000 to $1.03m.
If the plummeting prices in the inner city are still out of reach, there are still bargains across Sydney.
One couple recently snapped up a home for $300,000 less than the pre-COVID listing price in Warriewood on Sydney’s northern beaches.
‘We first thought we had no chance, we were so used to being outbid, but the owner needed to sell in a hurry … our offer was accepted over another couple because we already had pre-approval for the loan. They didn’t,’ the buyer said.
Mortgage Choice director and broker James Algar said buyers can snap up a bargain if they act quickly and already have loan pre-approval.
Now is the time to snap up a bargain in the Sydney CBD and surrounding inner city suburbs