Australian house prices to be cut
There will be discounts on house prices in Australia. According to experts, house buyers who want to negotiate will soon be able to do so.
The competition between the home sellers led to the reduction of real estate sales. According to a study conducted by CoreLogic, there has been a reduction in the home prices caused by competition in the country. 75 percent of the houses are sold under the listed prices.
“The widening gap between seller and buyer price expectations reflects the fact there are fewer active buyers in the market and as a result vendors that are serious about selling may need to make some sizeable price adjustments in order to sell. With housing market conditions continuing to deteriorate, buyers thin on the ground and a high volume of stock listed for sale, it is reasonable to expect that over the coming months vendor discounting may increase further.For vendors serious about selling, this data highlights the importance in setting realistic prices, marketing the property as effectively as possible and being willing to adjust prices to meet a market with far fewer buyers than have been active over recent years” according to CoreLogic research analyst Cameron Kusher.
Median discount for combined capitals was -6.3 percent. According to experts, this figure is the biggest discount of 10 years.
The report noted that this decline reflects what happened in the GFC period.
The combined regional median discount is currently at -5.2 percent. This did not fall to the combined capital media compared to the previous year, which was -4.5.
Sevdenur Demir / [email protected]