Some Australians are scoring nearly $50,000 discounts on property, as new Domain data reveals house prices have continued to be revised down by sellers as the coronavirus pandemic continues to impact the market.
Sydney-siders are receiving more than 4 per cent discounts on property prices, equating to a saving of around $50,000 off the median house price in that state.
Those in Perth received the highest discount (4.7 per cent), equating to around $25,000 off the median house price of $522,414.
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Home buyers in Hobart, Darwin and Brisbane received 4.6 per cent off house prices, equating to savings of around $24,350, $23,750 and $26,800 off the median house prices in those respective states.
And while the level of price adjustment is actually lower than last year, there is a greater proportion of listings discounted, Domain data revealed.
“The first lockdown had an immediate impact with a rapid rise in the proportion of vendors discounting asking prices across all capital cities,” Domain senior senior research analyst, Nicola Powell said.
“While this has remained elevated in subsequent months, all cities (apart from Canberra) are below recent peaks and many have continued to improve from June to July.
“This suggests a broader market slowdown with more properties discounted by marginal amounts rather than hefty discounts on fewer homes.”
Around 14.7 per cent of properties in Sydney have been discounted, with the highest portion of discount properties found in the Northern Beaches.
Home buyers looking to score a bargain should also look to Bankstown, the Upper North Shore and the Lower North Shore, where around 17 per cent of property prices are discounted.
In Melbourne, home buyers looking to bag a cheaper property should look to Melbourne’s inner suburbs, where nearly 14 per cent of properties have been discounted.
Nearly 13 per cent of properties in Mornington Peninsula are also discounted, while around 10 per cent of properties in Melbourne’s North East and West are also up for cheap.
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