Looking to bag a real estate bargain?

A new report has highlighted SA’s 10 most discounted properties – those that have seen the biggest drop from their original asking price – and it’s good news for those looking to invest outside of metropolitan Adelaide.

According to SQM’s Distressed Properties Report, the state’s most discounted property is a 1212sqm vacant lot at 343 Catacomb Rd, Coober Pedy, currently on the market for almost 40 per cent below its original asking price.

343 Catacomb Rd, Coober Pedy – South Australia’s most discounted property, at 37.7 per cent off. Supplied

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First hitting the market for $28,900 in February 2021, it can now be yours for $18,000 – 37.7 per cent less than what its owners originally wanted.

Another vacant lot, this time at 34 Francis St, Stirling North, is currently sitting 16.6 per cent below its original asking price of $102,500. That one can now be snapped up for just $85,500.

But the savings weren’t all found out in SA’s regional communities, with a two-bedroom apartment at 612/10 Balfours Way, Adelaide on the market for $415,000 – some 14.4 per cent or $70,000 less than it was advertised for in February.

Not all of our discounted properties are found out in the sticks, as this 612/10 Balfours Way, Adelaide shows. Supplied

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Real Estate Institute of South Australia chief executive officer Andrea Heading said vendor discounting in South Australia was significantly lower than in other states, buoyed by SA’s strong property market.

“Vendor discounting typically happens when the price wasn’t realistically set in the beginning,” she said.

REISA CEO Andrea Heading. Supplied

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“At the moment when the market is booming and we’ve got a record median price, if there’s any vendor discount going on it will be because the price was too high to start with.

“I’m certainly not hearing any anecdotal evidence of massive vendor discounting going on – it’s still very much a seller’s market.

“There are a few that bought at the peak of the high and really paid a pretty penny for it, who may struggle to get back now what they paid for it then, but I don’t think a few properties being discounted is evidence of a downturn.

“With the lack of supply in the market, there are still people prepared to pay good prices.”

SA’S MOST DISCOUNTED PROPERTIES:

This 343 Catacomb Rd, Coober Pedy property is a blank canvas. Supplied

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343 Catacomb Rd, Coober Pedy

Discount: 37.7 per cent

Initial asking price: $28,900

Launch date: 19/02/2021

Current asking price: $18,000

This 34 Francis St, Stirling North is packed with potential. Supplied

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34 Francis St, Stirling North

Discount: 16.6 per cent

Initial asking price: $102,500

Launch date: 14/07/2023

Current asking price: $85,500

A country classic, complete with character quoinwork, has recently sold at 14494 Lincoln Highway, Cowell. Supplied

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14494 Lincoln Highway, Cowell (SOLD)

Discount: 14.6 per cent

Initial asking price: $240,000

Launch date: 12/04/2024

Most recent asking price: $205,000

A savvy buyer snapped up this vacant lot at 3 Sampson Street, Kimba last week. Supplied

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3 Sampson St, Kimba (SOLD)

Discount: 14.4 per cent

Initial asking price: $45,000

Launch date: 22/07/2022

Most recent asking price: $38,500

Easy care living with all the city amenities within reach at 612/10 Balfours Way, Adelaide. Supplied

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612/10 Balfours Way, Adelaide

Discount: 14.4 per cent

Initial asking price: $485,000

Launch date: 9/02/2024

Current asking price: $415,000

Land, lots of land, under cloudy skies above at 27 Marina Way, Mannum. Supplied

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27 Marina Way, Mannum

Discount: 13.4 per cent

Initial asking price: $228,000

Launch date: 5/01/2018

Current asking price: $197,500

A project awaits an ambitious buyer at 27 Second St, Pekina. Supplied

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27 Second St, Pekina

Discount: 12.5 per cent

Initial asking price: $80,000

Launch date: 19/01/2024

Current asking price: $70,000

24 Africaine Terrace, Kingscote – it’s the empty block with a red box around it. Supplied

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24 Africaine Tce, Kingscote

Discount: 11.6 per cent

Initial asking price: $225,000

Launch date: 10/05/2024

Current asking price: $199,000

Where’s Westall? Close to the coast, apparently. Enjoy it from this discounted block at 49 Whytwater Drive, Westall. Supplied

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49 Whytwater Dr, Westall

Discount: 10.5 per cent

Initial asking price: $95,000

Launch date: 18/08/2023

Current asking price: $85,000

Build your dream home for less at 23 Zanker Ave, Stirling North. Supplied

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23 Zanker Ave, Stirling North

Discount: 10 per cent

Initial asking price: $50,000

Launch date: 21/01/2022

Current asking price: $45,000

Source: SQM’s distressed properties report

For more information visit:

https://sqmresearch.com.au/distressedpropertiesreport.php