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Desirable suburbs now in the discount firing line

  • August 13 2020
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Invest

Desirable suburbs now in the discount firing line

By Grace Ormsby
August 13 2020

Property listing prices across NSW and Victoria are trending downwards, with new research showing more and more discounts are on offer across a number of popular suburbs.

Desirable suburbs now in the discount firing line

Desirable suburbs now in the discount firing line

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  • August 13 2020
  • Share

Property listing prices across NSW and Victoria are trending downwards, with new research showing more and more discounts are on offer across a number of popular suburbs.

Desirable suburbs now in the discount firing line

A crunching of numbers by Domain has shown that almost 15 per cent of Sydney property listings were discounted during July – approximately three times higher than discounting rates during 2019.

According to the analysis, the city’s Northern Beaches, Canterbury Bankstown (17 per cent) and Lower North Shore (16.4 per cent) areas are seeing buyers benefit most from the bargains, recording the highest levels of discounting.

In Melbourne, 11.5 per cent of properties for sale are being offered at a discount.

It’s almost four times the rate of discounting displayed through 2019, with Domain flagging Inner Melbourne, Outer East Melbourne and Inner South as the areas using the strategy to tempt buyers the most.

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Inner East Melbourne has seen the most sizeable change, with 12 per cent of properties currently on offer at a discount to the original asking price.

Adelaide is not far behind, exhibiting a 10.1 per cent discounting rate over July – and over three times the rate of 2019.

But despite the abundance of price drops, the level of discounting is “roughly on par or lower than last year”, according to Domain.

“All cities have proportionately more properties discounted compared with last year. However, the degree of discount is smaller across all cities, apart from median price discount remaining the same in Perth,” the property platform noted, suggesting a broader market slowdown with more properties discounted by marginal amounts rather than hefty discounts on fewer homes.

Desirable suburbs now in the discount firing line
Desirable suburbs now in the discount firing line
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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