Suburbs where houses are bucking price expectations

Tasmania had the highest proportion of sales below expectations (70 per cent), followed by Queensland (60 per cent) and NSW (57 per cent). 

Notably, other states also had a high number of residential property transactions that closed below 10 per cent of the estimated price range. In Victoria, this applied to 54 per cent of transactions. It was 47 per cent and 36 per cent in South Australia and Western Australia, respectively. 

Openn’s managing director, Peter Gibbons, said the figures indicate that sellers and buyers are not seeing eye to eye when it comes to prices. 

“In most cases, we expect up to 45 per cent of sales to fall within 10 per cent of expected prices under normal market conditions. When we see a smaller percentage, it can highlight a disconnect between buyer demand and seller expectations,” he stated. 

He added that the gap between sellers’ and buyers’ expectations may be due to agents utilising tools that are not up-to-date with market conditions, as well as consumer demand. 

“In these circumstances, digital sales processes that allow buyers to compete transparently until true market value is achieved can be really powerful,” he stated. 

But the report highlighted that not all properties are selling below expectations. 

In Tasmania, 29 per cent of properties sold within the expected price range, while in South Australia, 35 per cent of real estate assets were transacted within the average expected price band.

In NSW and Victoria, 33 per cent and 36 per cent of the real estate deals were recorded to be within the estimated threshold, respectively.

In Queensland, 29 per cent of sale transactions in February were recorded to be sold within the estimated range. Notably, Western Australia did well by comparison, where 51 per cent of the properties sold were within the average model price estimate.

There were also winners during the period, particularly residential sales transactions that clocked in above their estimated price range.

South Australia had the highest percentage of properties (17 per cent) that sold above expectations, followed by Western Australia (14 per cent) and Queensland (11 per cent). Victoria and NSW secured the third place concurrently, each with 10 per cent. Tasmania had the lowest percentage of properties (1 per cent) sold above the expected price range.

Across the country, a number of sales transactions bucked the trend. Here are 10 notable February sales, according to Openn:

1. North Avenue, Leichhardt 

Sold for: $3,165,000

Price estimate: $2,652,000

2. Meymott Street, Randwick 

Sold for: $3,750,000

Price estimate: $3,330,000

3. Brae Street, Bronte 

Sold for: $4,750,000

Price estimate: $4,334,000

4. Duntroon Street, Hurlstone Park 

Sold for: $2,365,000

Price estimate: $2,076,000

5. Bowral Close, Hornsby Heights 

Sold for: $2,100,000

Price estimate: $1,821,000

6. North Rocks Rd, North Rocks 

Sold for: $2,725,000

Price estimate: $2,446,000

7. Ferry Road, Glebe 

Sold for: $1,845,000

Price estimate: $1,580,000

8. Tomah Street, Carlingford 

Sold for: $2,500,000

Price estimate: $2,236,000

9. Bayside Drive, Lugarno 

Sold for: $1,800,000

Price estimate: $1,540,000

10. Parliament Terrace, Bardwell Valley 

Sold for: $1,990,000

Price estimate: $1,734,000

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