One in 10 Sydney homes for sale in February were discounts | TawarRazaghi
Sellers expect 2021 prices, when agents report the market has changed since then.One in 10 homes for sale in February were offering discounts, a share that is only likely to grow as long as sellers expect 2021 prices despite the market slowing since.
But now there is a growing mismatch between what vendors expect to sell their homes for and what buyers are willing to pay, and it is a fresh signal the property market is slowing down. The proportion of discounted listings is higher in some parts of Sydney than others, with as much as 20 per cent of listings discounted in the Ryde region, according to Conor Arnold, principal at Richardson & Wrench Ryde City.He said sellers are still expecting 2021 prices when the market has moved in buyers’ favour since the end of last year.
Some properties are being withdrawn altogether as vendors hope to relist when the market improves, whenever that may be, he said. In other parts of Sydney, discounted listings were higher among units than houses, which are still in short supply, according to Steven Duong, principal of Ray White Lidcombe.Credit:“For houses in Lidcombe … there is very limited stock. But there is an oversupply of apartments [and] there are dramatic price reductions,” he said.
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