Expensive mansions with sprawling gardens and breathtaking harbour views have had millions of dollars slashed off their asking prices.
Some homes have been discounted by up to $6million as sellers desperately try to offload their properties in the wake of the coronavirus pandemic.
Markets have tumbled thanks to the killer virus which has seen countries around the world instate travel bans and governments impose strict lockdown measures.
PK Property buyer Peter Kelaher told realestate.com.au that premium properties were not selling because wealthy customers don’t have to move out of necessity.
Conversely cheaper homes are still in high demand so prices for the lower end of the market have remained static, Mr Kelaher said.
Many Sydney mansions were listed months before the coronavirus restrictions took hold and the new prices reflect owners’ desperation to sell.
One home in Seaforth, in the northern beaches, was first listed in 2015 for a whopping $11million but has recently hit the market again.
The six bedroom home, which has a gorgeous panoramic water views, boasts four bathrooms and six car spaces.
It was relisted for $8-$8.8million in October before being slashed to $7.75million in March.
This Seaforth home was first listed for $11million in 2015 and was relisted for $8-$8.8million in October before being slashed to $7.75million in March
The luxurious property has plenty of natural light with lots of windows which show off the house’s stunning harbour views
A home in the Woolwich peninsula on the north shore has been reduced by a staggering $6million after originally being listed for $18million.
The stunning home has five large bedrooms, five bathrooms and stretches across 1,416sqm.
It has a permanent private jetty, ramp, pontoon and a boat shed with a studio space above, a slipway and a sandy beach.
There is also a media room, a study and a double garage. The home is within walking distance to the Woolwich Baths, schools, ferry, and restaurants.
A home in the Woolwich peninsula (pictured) on the north shore has been reduced by a staggering $6million after originally being listed for $18million
The Woodwich house (pictured) has a gorgeous view overlooking the water
A waterfront home in Clareville which boasts stunning views over Pittwater has also been reduced to $5.9million, $1.1million below the original asking price of $7million.
The three storey home has four bedrooms each all with walk-in wardrobes, five bathrooms, and water views from their own private balcony.
The designer kitchen features Miele appliances and a walk-in pantry. There is also a study with gas fireplace and kitchenette, a media room, and a wine cellar.
A waterfront home in Clareville (pictured) which boasts stunning views over Pittwater has also been reduced to $5.9million, $1.1million below the original asking price of $7million
The three-storey home has four bedrooms each all with walk-in wardrobes, five bathrooms, and water views from their own private balcony
An Elanora Heights property on Caladenia Crescent spreads across two hectares and is on sale for $3.5million – $1million less than the original asking price.
Stretched across five acres, this property is perfect for a large family with five double bedroom each with built in wardrobes, four bathrooms and a study.
There is also a huge games room perfect for children, a pool, a full-sized tennis court, and a lavish modern kitchen with granite benchtops.
An Elanora Heights property on Caladenia Crescent (pictured) spreads across two hectares and is on sale for $3.5million – $1million less than the original asking price
Stretched across five acres, this property is perfect for a large family with five double bedroom each with built in wardrobes, four bathrooms and a study
Another home in Seaforth was originally listed for $12.9million and was reduced by $1million due to the coronavirus.
It sits across five levels and inside there is a stunning curved staircase and a living space over 1,100sqm.
This home features six bedrooms, seven bathrooms and multiple living and entertaining rooms including a cinema and a billiard room.
There are also two full kitchens and a wet bar.
Another home in Seaforth (pictured) was originally listed for $12.9million and was reduced by $1million due to the coronavirus
The Seaforth home (pictured) sits across five levels and inside there is a stunning curved staircase and a living space over 1,100sqm
A home in Little Bay on Lister Ave was on placed on the market for a $7.5million but was dropped to $7million.
Stretching along 646sqm this spacious five bedroom and four bathroom home comes with sublime ocean views and a view of the local golf course.
It boasts striking interiors with a vast open living and dining area, with a stunning marble kitchen and a wine fridge.
The lower level works as a teenagers retreat and there is also a large backyard and a heated swimming pool with jets.
This home in Little Bay on Lister Ave was on placed on the market for a staggering $7.5million but was dropped to $7million
It boasts striking interiors with a vast open living and dining area, with a stunning marble kitchen and a wine fridge
Simon Cohen of from real estate agency Cohen Handler said premium buyers are still active in the market because of the 10-20 per cent discounts.
He said sellers also have more room to play around the asking price and can afford to give discounts on the property.
‘The sellers may have owned the homes 20 years or more and bought them for something like $700,000 and now want $7million,’ Mr Kelaher said.
‘If they are serious sellers they can offer more of a discount than sellers of cheaper properties who can’t go much lower.’
Real Estate Buyers Agents Association of Australia president Cate Bakos said luxury sellers would soon see competition increase with holiday home sales.
‘Higher pricepoint properties are experiencing more days on market, and we’ve witnessed some sharp discounting.’
This Rednal St house in Mona Vale has previously been listed with an asking price of $4.6-$4.9million, now its $4.5million