Sellers who expect boom-time prices are finding they need to cut back their expectations to meet the market.
Home sellers in a string of popular sea- and tree-change towns are discounting pandemic boom-time price expectations to get a deal done, new data reveals.
In Victoria, Gisborne had the highest median discount of 5.8 per cent in the same period, followed by Portland, which had a median discount of 5.5 per cent. “That means stock has been able to accumulate and puts downward pressure on values and vendors have to compete more and be negotiable. “Then in the last two years, the return to the office and higher interest rates have hampered buyers. It’s reduced the pool of people looking to move to a regional location. Vendors have to offer a bit of a discount to meet the market.”
Ray White Byron Bay’s Damien Smith said sellers in his region had unrealistic boom-time expectations of the lockdown years.
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