Six bed, 4 bath house on 2.5 acres in Brisbane, sold $1,008,000 May 2009, failed at auction at the w/e, now on the market for $900k - so it hasn't actually sold yet.
The asking price is 11% below the purchase price.
This particular area, affluent suburb, is seeing many non-sales like this one. At the w/e an agent complained that we buyers just weren't making any offers. That for a house that had been on the mkt for over a year, starting at $1.375m, now on at $1.09m, only us at the open house.
Another house had been on the mkt for two and a half years before it sold for $1.545m. Started out at $2.1m. Bought in 2004 for $1.465m and subsequently totally renovated. Add on the stamp duty and the agents commission, and you have growth over seven years of, ummmmm, 0%. Which means you've lost big time through inflation.
