House sellers are slashing their prices by hundreds of thousands of dollars as fresh listings rise before spring.
House sellers in some of the country’s most prestigious areas are slashing their prices by up to $345,000 to lure cautious buyers as listings pile up before the spring selling season, data from CoreLogic shows.
Owen is referring to the upper 25 per cent of the housing market by value. In Sydney, that is houses priced from $2.2 million and in Melbourne $1.3 million as at July. New stock is sitting 17.7 per cent and 44.7 per cent above the five-year average respectively, according to CoreLogic. Buyers can score a 5 per cent discount amounting to $232,360 for an average house in the North Sydney-Mosman area, and knock off 7 per cent, or $190,297, in Pittwater.
“There’s not as many buyers in the market right now. A lot of auctions will only have one or two people and more properties fail to sell.” “This is becoming more prevalent in the blue chip areas where vendors are cutting their reserves to meet the market because there are fewer buyers competing for those properties.”
Little Bay is also edging into a buyer’s market with an inventory level of 4.44 months’ worth of stock as listings in the suburb nearly tripled with a lift of 180 per cent in the past three months, according to Lardner.“This dramatic influx of properties may start to tilt the balance in favour of buyers, particularly if the trend continues and days on market begin to lengthen,” he says.In Melbourne, buyers could bag a discount of up to 5.
“Those who are land banking sites are finding that the interest bills are tougher than anticipated so they’re forced to sell,” she says. Listings in the suburb jumped 44 per cent in the past three months. When combined with high inventory, that gives buyers a significant advantage to drive a deep discount, he says.
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