Melbourne home sellers are offering the biggest house price discounts since the city’s second COVID-19 lockdown, new data shows. property realestate
House prices are being discounted on average by 5.8 per cent across the city, a $62,313 price cut to Melbourne’s median house price.Experts say fixer-uppers are seeing the biggest discounts as rising building costs and a lack of available trades make buying them “a burden.”Melbourne home sellers are offering the biggest house price discounts since the city’s second COVID-19 lockdown, new data shows.
Rising interest rates and problems accessing finance quickly, with banks taking more time to approve loans, also meant buyers were less willing to make the big offers they once had.Domain chief of research and economics Dr Nicola Powell said four successive interest rate rises since May had slashed the amount that buyers can borrow and spend on property, pushing house prices lower.
Buyer’s agent Cate Bakos said Melbourne had a two-speed property market, with renovated homes in good areas selling above expectations, while discounts were being offered on fixer-uppers, or homes that were in a bad location or had a bad floor plan. “A lot of private sales are subject to finance, so sales are being extended by a few weeks because banks are taking longer, and it takes longer to get finance,” Bowen said.
Michael Davey, CEO of RateMyAgent, said the fall in happiness reflected the expectations of sellers to get the same prices as when the market was at its peak late last year.
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