Premium markets are becoming favourable to buyers as vendors chop their asking prices amid soaring listings and worsening affordability.
Nearly one in five vendors in Sydney’s northern beaches slashed their asking prices half-way through the marketing campaign, by around 7.4 per cent, or $203,315, on average off the median house price during November, as listings soared and affordability hit buyers’ budgets.and inner-city areas led the pack in discounting their properties as the market started to shift in favour of buyers.
More than one in seven vendors in Sydney’s eastern suburbs have reduced their asking prices by around 7.6 per cent on average or $273,600 off the median price, and a similar proportion in the inner west chopped their asking prices by 5.2 per cent on average. “The areas seeing the largest proportion of listings with asking prices being reduced have recorded the highest price increases in the past 12 to 18 months,” said Nicola Powell, Domain’s chief of research and economics.have led the upswing and seen exceptional growth through the housing boom, and they are much further along the price cycle.
The northern beaches notched up some of the largest gains in house prices in the past 12 months, soaring by 46.1 per cent, while the eastern suburbs grew by 27.4 per cent.More than one in 10 vendors in Sydney’s Ryde, inner south-west and Sutherland have reduced their asking prices and a similar proportion of vendors in Melbourne’s outer east have also lowered their expectations.
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