Brisbane's top properties going cheap SQM's list of the most discounted properties in Brisbane. Photo: SQM A multi million-dollar penthouse in the heart of Brisbane's CBD is now on offer for $1.1 million less than the original asking price. The renovated, art deco apartment in the historic MacArthur Chambers on Queen Street was put on the market for $3.4 million in May this year. Advertisements for the property now read "Disregard Previous Pricing!" The 328 square metre apartment is now listed for $2.3 million, 32 per cent less than before. However, it doesn't stand alone when it comes to heavily discounted properties. It is just one of the homes featured in a list of the Top 10 Most Discounted Properties in Brisbane, compiled by SQM Research. Another is a five-bedroom, two-bathroom house located at Tangalooma Island Resort on Moreton Island that has spent 1609 days on the market. In that time, its sale price has dropped from $1.4 million to $875,000 - a reduction of 41 per cent. SQM Research property analyst Louis Christopher said properties that failed to sell within six weeks of being put on the market were likely to have been initially overpriced. "Nine times out of 10 the vendor has overpriced the property and that immediately turns off buyers," he said. Eventually what happens is you get to the point where the property becomes undervalued as the asking price keeps on falling. Mr Christopher said the top end of Brisbane's market continued to suffer, despite a slight improvement in market conditions overall. Properties priced over $1.5 million in Brisbane just haven't been moving. It's the weakest part of the market for sure," he said. Other homes on SQM's most discounted list include a 13-hectare property in the Samford Valley, north-west of Brisbane, which was reduced from $1.45 million to $795,000 before attracting a buyer. It was put under contract this week after sitting on the market for more than two years. A 1.4-hectare riverfront property at Bundamba in Ipswich was listed for $425,000 in July last year. Since then, the asking price has nearly halved. It is now listed for $205,000. Brisbane home owners have been forced to cut their asking prices by an average of 8.3 per cent since March, according to RP Data figures. "The market in Brisbane has been in a fairly long stage of bottoming out," Mr Christopher said. Right throughout the course of 2011 we had price falls. In 2012, the market was still actually falling albeit the rate of decline dropped. This year, the market has still been in the stage of bottoming out, although we are starting to see some capital gains occur.