inner city apartments

Pandemic property panic: Desperate investors rush to offload inner city apartments $250,000 cheaper than before COVID-19 hit

PHOTO: This three bedroom unit in the Sydney CBD has had $250,000 slashed from original price

Panicked investors are offloading Sydney homes at heavily discounted prices in a desperate bid to fast track sales as coronavirus bites the market.

Some investors with CBD and inner city apartments are slashing up to $250,000 from the original price listed before the pandemic hit Australia’s shores earlier this year.

While prices for all housing categories across Sydney has dropped in recent months, the inner city unit market was one of the hardest hit.

Advertised unit prices in Sydney’s CBD are down 15 per cent compared to a year ago, according to SQM Research’s Asking Prices Index.

‘The inner city unit market is Sydney’s weakest and will probably remain so until international travel restrictions are lifted,’ My Housing Market economist Andrew Wilson told the Realestate.com.au.

Among the biggest savings is a three bedroom, two bathroom unit at 361-363 Kent Street originally listed at $1.55million.

It remains on the market at $1.3million, the price it last sold for in 2017.

A few blocks away in the same street, a one bedroom unit has been slashed by $50,000 to the discounted price of $730,000.

A one bedroom in nearby Clarence Street was listed for $1.05m but remains on the market six months later at the reduced price $960,000.

There are also plenty of bargains in the nearby inner-city suburb of Ultimo.

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