Invest
Desirable suburbs now in the discount firing line
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
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.
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.
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.
About the author
About the author
Property
Aussies swap housemates for home ownership
The number of younger Australians looking to enter the property market in the next five years has doubled, as COVID-19 restrictions sees home ownership goals increase, according to research released ...Read more
Property
Falling loan deferrals prove market recovery: REIA
The reduction in loan deferral defies doom and gloom forecasts in the property market, the Real Estate Industry of Australia has said. ...Read more
Property
Why are expats returning to property market?
Expats are returning to Australia in droves, eager to put their money into safe investments. ...Read more
Property
Stamp duty to be phased out under new proposal
The NSW government has stated that it could phase out inefficient taxes such as stamp duty as it looks to recover from the COVID-19 pandemic. ...Read more
Property
Melbourne rents continue to decline
While most capital cities recorded increases in asking rents, Melbourne continued to see declines in both houses and units, according to latest data from SQM Research. ...Read more
Property
Why investors should focus on the next 1-5 years
Investors are being urged to look beyond their own backyards into opportunities over the next one to five years. ...Read more
Property
Distressed sales fall to pre-pandemic levels
Urgent property sales have dropped back to pre-pandemic levels in most cities – proof of Australia’s continuous recovery from the effects of the COVID-19 outbreak. ...Read more
Property
Top tips for managing your own property portfolio
Managing investment properties can feel very much like rolling a dice, you can never be quite sure what you’re going to encounter and, in most cases, you possess minimal control over what happens ne...Read more
Property
Aussies swap housemates for home ownership
The number of younger Australians looking to enter the property market in the next five years has doubled, as COVID-19 restrictions sees home ownership goals increase, according to research released ...Read more
Property
Falling loan deferrals prove market recovery: REIA
The reduction in loan deferral defies doom and gloom forecasts in the property market, the Real Estate Industry of Australia has said. ...Read more
Property
Why are expats returning to property market?
Expats are returning to Australia in droves, eager to put their money into safe investments. ...Read more
Property
Stamp duty to be phased out under new proposal
The NSW government has stated that it could phase out inefficient taxes such as stamp duty as it looks to recover from the COVID-19 pandemic. ...Read more
Property
Melbourne rents continue to decline
While most capital cities recorded increases in asking rents, Melbourne continued to see declines in both houses and units, according to latest data from SQM Research. ...Read more
Property
Why investors should focus on the next 1-5 years
Investors are being urged to look beyond their own backyards into opportunities over the next one to five years. ...Read more
Property
Distressed sales fall to pre-pandemic levels
Urgent property sales have dropped back to pre-pandemic levels in most cities – proof of Australia’s continuous recovery from the effects of the COVID-19 outbreak. ...Read more
Property
Top tips for managing your own property portfolio
Managing investment properties can feel very much like rolling a dice, you can never be quite sure what you’re going to encounter and, in most cases, you possess minimal control over what happens ne...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
