This week (Apr 4-11) in price drops: 381 new price cuts across NSW/VIC/QLD
Last week I shared some NSW price drop data which got a bit of interest. Since then I've expanded coverage from 10K listings across NSW to 90K+ listings across multiple states. Here's a snapshot of this week's drops.
- 381 new drops this week, $27.2M in total price drops
- Houses dropping harder than apartments: houses averaging 5.0% cuts vs apartments at 4.0%
- The higher the price, the bigger the drop: $3M+ properties averaging 5.9% cuts, compared to 4.0% for sub -$700K
- Houses account for 207 of the 381 drops (54%), apartments 134 (35%)
By state:
| State | New drops | Avg drop % | Total $ reduced | Hottest suburb |
|---|---|---|---|---|
| NSW | 209 | 4.2% | $14.7M | Alexandria, Ryde, Liverpool, Harrington Park, Leura (4 drops each) |
| VIC | 127 | 5.2% | $8.4M | Point Cook (10 drops) |
| QLD | 35 | 6.1% | $3.6M | Maroochydore (2 drops) |
Top 10 biggest drops in NSW:
| Address | Was | Now | Drop |
|---|---|---|---|
| 2 Sunnyridge Rd, Arcadia | $2.7M | $2.3M | -$400K (15%) |
| 57b Rawson Rd, Greenacre (3BR) | $1.16M | $990K | -$170K (15%) |
| 12 Warrawong St, Eastwood (4BR) | $2.5M | $2.15M | -$348K (14%) |
| 46 Nairana Dr, Marayong (3BR) | $1.15M | $995K | -$155K (14%) |
| 12 Delaware St, Spring Farm (3BR) | $1.15M | $1.0M | -$150K (13%) |
| Cronulla (2BR house) | $2.85M | $2.5M | -$350K (12%) |
| 26 Kanoona St, Caringbah South (4BR) | $1.7M | $1.5M | -$200K (12%) |
| 6-10 Wills St, Blackheath (4BR) | $1.69M | $1.49M | -$200K (12%) |
| 145A Wallumatta Rd, Newport (4BR) | $2.25M | $2.0M | -$250K (11%) |
| 22 Carrington Rd, Waverley (3BR) | $2.2M | $1.98M | -$225K (10%) |
Top 10 biggest drops in VIC:
| Address | Was | Now | Drop |
|---|---|---|---|
| 4 Longtown Ct, Craigieburn (2BR) | $495K | $395K | -$100K (20%) |
| 915 Canterbury Rd, Box Hill (4BR) | $1.55M | $1.3M | -$250K (16%) |
| 52 Fongeo Dr, Point Cook (4BR) | $1.0M | $850K | -$150K (15%) |
| 116 The Ave, Spotswood (4BR) | $1.65M | $1.43M | -$225K (14%) |
| 21 Rennie St, Seddon (3BR) | $1.15M | $1.0M | -$149K (13%) |
| 502/220 Commercial Rd, Prahran (2BR) | $575K | $500K | -$75K (13%) |
| 18/66 Montague St, South Melbourne (2BR) | $880K | $770K | -$110K (13%) |
| 86/115 Neerim Rd, Glen Huntly (2BR) | $480K | $425K | -$55K (12%) |
| 108A Beach Rd, Mentone (4BR) | $3.25M | $2.9M | -$350K (11%) |
| 6/36 Burke Rd, Malvern East (1BR) | $330K | $295K | -$35K (11%) |
Top 10 biggest drops in QLD:
| Address | Was | Now | Drop |
|---|---|---|---|
| Woodridge (5BR house) | $1.13M | $735K | -$399K (35%) |
| 402/67-71 Sixth Ave, Maroochydore (3BR) | $2.6M | $2.0M | -$599K (23%) |
| Lota (4BR house) | $1.36M | $1.08M | -$280K (21%) |
| 11/1-3 Normanby St, Yeppoon (5BR) | $2.0M | $1.8M | -$199K (10%) |
| 31 Newbery St, Newmarket (5BR) | $2.2M | $2.0M | -$200K (9%) |
| 82 Massey, Ascot (4BR) | $3.5M | $3.2M | -$300K (9%) |
| 8/10 Piers St, Moorooka (1BR) | $650K | $600K | -$50K (8%) |
| 22 Glenbrook Ave, Victoria Point (4BR) | $1.29M | $1.2M | -$90K (7%) |
| 10203/600 Coronation Dr, Toowong (3BR) | $3.49M | $3.25M | -$240K (7%) |
| 1/17 Rosecliffe St, Highgate Hill (3BR) | $1.5M | $1.4M | -$100K (7%) |
What is a price drop?
A price drop is when a property's current listed asking price falls below the original price we first recorded. For example, if a property was listed at $1,000,000 and the asking price is now $950,000, that's a $50,000 drop (5%). We track the initial price and compare every subsequent update to detect reductions.
Is this a real drop in price?
Not always. What we track is changes to the listed asking price, which is often just the real estate agent updating the listing. It could reflect a genuine price reduction, a strategy shift, or simply correcting an overpriced listing.
Why should I care if it's not a real drop?
Because it still reveals something useful about the seller's mindset. When an agent drops the asking price, it typically means one of three things:
- The property hasn't attracted enough interest at the original price
- The seller is becoming more motivated to sell
- The initial price was simply too ambitious
In any of these cases, it's a signal that there may be room to negotiate. Many buyers miss out on properties because they don't realise the asking price has changed.
Why not track sold prices instead?
Once a property is sold, the listing price stops changing, so there's nothing left to track. Sold price data is useful for comparing groups of properties after the fact, but it doesn't help you spot opportunities in real time. We focus on the window where prices are actively changing, so you can act before a property goes under contract.
I've put all this data into dropbee.au where you can browse and filter drops by state, suburb, property type, etc, for free and no signup needed.
Let me know if this is something you'd like to see on a weekly basis, any suburbs or data cuts you'd like to see, drop a comment.