SA’s 15 surprise buyer’s markets revealed

SA’s sellers have had it good, with a stock shortage meaning many are getting more than their asking price.

But new data reveals there are 15 suburbs or towns in SA where the buyer has the upper hand.

According to property data analyst SuburbData, sellers have the best chance of bagging a bargain in Gulfview Heights.

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Sellers in the northern suburbs end up selling for 12.5 per cent below their asking price on average, representing a potential saving of $120,000 based on the median suburb price of $960.000.

House sellers in Adelaide city also settled for 8.2 per cent less than what they were chasing, and Modbury, Largs North and Banksia Park homeowners sold for 5.3 per cent, 4.9 per cent and 3.4 per cent less than their asking price.

SuburbData analyst Jeremy Sheppard said suburbs with high rates of vendor discounting were usually “buyer’s markets” where home seekers were entering price negotiations from a stronger position.

“There is a correlation between higher discounts and softer demand,” he said.

“Whatever situation the market is in, whether it’s oversupply or some other factor, higher discounts reflect that buyers are in control and sellers have to take what is given to them.”

“Properties selling for well above the advertised prices indicates the buyers are often desperate. As a seller, you will hear from new buyers in hours.”

According to the report, the average house seller in Woodside, Hallett Cove, Parafield Gardens, Munno Para West, Christie Downs, Ingle Farm, Christies Beach, Salisbury Downs sold for less than their original asking price, with unit sellers in Mawson Lakes and Adelaide also dropping their asking price in order to get the job done.

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While it was good news for buyers in 15 locations, sellers in one Adelaide suburb are laughing all the way to the bank, with new data revealing it as the place buyers are prepared to pay the most above their asking price.

New figures on vendor discounting released by property data analyst SuburbData reveal Golden Grove house sellers are fetching the most, on average, the most above their advertised asking price.

According to the data for properties with an advertised price guide for the 12 months to March, the average final selling price is 14.8 per cent higher than the average asking price in the leafy northeastern suburb.

Modbury Heights house sellers, also in the northeastern suburbs, weren’t too far behind, with sellers paying, on average, 14 per cent more than asking price.

House sellers in Sturt, Salisbury North and Mount Barker all bagged more than 10 per cent above their advertised price – 13.6 per cent, 10.9 per cent and 10.2 per cent respectively.

LJ Hooker property specialists managing partner Craig Ricciuto, who sells in Golden Grove said an imbalance between the number of those wanting Golden Grove homes and those on offer meant buyers were prepared to pay more to secure one.

“It’s very buoyant out here and the demand is producing good results for vendors,” he said.

“The amount of people we’re meeting at opens doesn’t give me any reason to think it will slow.

“When people grow up here they want to stay here because all of their friends are here, so they’ll start in the parent’s house, buy their own place and start off small, step up and end up where they started.”

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Retiree Sally Modra, 66, has just sold her Golden Grove property through Mr Ricciuto for more than she was asking for and said she was thrilled with the result.

“I had three or four offers and knowing that I got more than I was hoping for makes me feel warm and fuzzy,” she said.

“I didn’t think I was going to get what I ideally wanted for it, so I’m really happy.”

Vendor discounting – SA’s biggest winners (buyers)

Vendor discounting – SA’s biggest losers (buyers)

Source: SuburbData

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