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Home owners wanting to sell are being forced to discount heavily in the face of weak buyer demand.
A new report from RP Data has revealed properties on coastal locations are experiencing the largest levels of vendor discounting, with reductions close to 20 per cent.
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“As high net worth individuals feel the pinch of dramatic falls across equity markets, lower than anticipated bonuses and in some cases job losses, the holiday home or other discretionary assets are usually the first to go,” RP Data’s research analyst Cameron Kusher said.
Capital cities also face discounts of more than 7 per cent, RP Data said, with Melbourne experiencing the greatest average level of discounting for houses at 7.7 per cent and Perth units at 7.1 per cent.
Saint James in WA topped the discounting list for houses at 18.6 per cent followed by Hove in SA (18.2 per cent) and QLD’s Paradise Point and NSW’s Byron Bay at 17.3 per cent.
As the market becomes more adjusted to current conditions RP Data said the high level of discounting should fall to a more normal range.
