Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Residential slowdown results in vendor discounting

Staff Reporter 3 minute read

By: Staff Reporter

The recent slowdown in Australia’s residential property market could result in greater vendor discounting, RP Data has found.

According to RP Data’s research analyst Cameron Kusher, Brisbane recorded the greatest levels of discounting during April at -6.2 per cent.

Mr Kusher said this result goes hand in hand with the fact that Brisbane also recorded the greatest drop in house prices over the month.

Advertisement
Advertisement

Surprisingly however, in the unit market, Melbourne recorded the greatest level of vendor discounting in April despite the fact that unit values increased by 1.3 per cent over the month.

The result indicates that the market is not necessarily moving as quickly as vendors would anticipate.

“Vendors in this market may be setting unrealistic initial asking prices on these units. This is understandable trend given the rapid increase in Melbourne property values over the last year,” Mr Kusher said.

“As market dynamics change, generally we’ve noticed that vendors take some time to become aware of the change and the amount of vendor discounting tends to increase.”

Residential slowdown results in vendor discounting
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...

couple house sold buyers ta Hot Property: The biggest property headlines from the week 14-18 June

The weekly round-up of the biggest news stories from across Momen...