thought some may be interested in this example from my area....the house is located in Newtown, Geelong, VIC
some background....Newtown is the affluent and most sought-after suburb of Geelong......REFindHousePrices quotes the median price as $570k, with the most expensive house being $2.15m
the house in question is a character home, a californian bungalow, which is typical of the homes in this suburb.....it is a short walk from the local supermarket....it is also a short walk from the prestigous Geelong College.....the house is located away from main roads on a quiet street....for all purposes you would expect the house to sell quickly
Current RealEstate.com.au Sale listing http://www.realestate.com.au/property-house-vic-newtown-107383766
Old RealEstate.com.au Sale listing http://www.realestate.com.au/property-house-vic-newtown-107242754
why a new listing?
history check..
REFindHousePrices Sale listing http://www.refindhouseprices.com/viewad/7838748/162%20Skene%20Street
the 23 days advertised is inaccurate and would be the time since the new advert went up....i have seen the For Sale sign in front of the house for months now
you can see under the "Advertising History" that the house was reduced by $20,000 on 11 Apr 2011 (which is longer than 23 days ago)....assuming 4-6 weeks before the first reduction in price was made, you can extrapolate that the house was first listed end of Feb/start of Mar 2011 for $609k
current asking price is $590k
the house has not sold
more recently, i noticed a For Rent sign sitting next to the For Sale sign
Current RealEstate.com.au Rental listing http://www.realestate.com.au/property-house-vic-newtown-405216708
the 12 days advertised is inaccurate and would be the time since the new advert went up
you can see under advertising history that the house was reduced by $30pw on 23 May 2011....i believe the rental listing first appeared at end of Apr/beginning of May....the rental was first listed for $480pw
current asking price is $450pw
the house has not been tenanted
Summary For Sale 90+ days on market. Initial asking price $609k, current asking price $590k
For Rent 30+ days on market. Initial asking rent $480pw, current asking price $450pw.
The house remains unsold and untenanted.
The Sale price is being reduced. The Rental price is being reduced.
