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 showed 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, 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,” the property platform noted, suggesting a broader market slowdown with more properties discounted by marginal amounts rather than hefty discounts on fewer homes.