Chris and Tara Milojevic know the property market is cooling but want to sell before prices fall further, making it even more difficult for them to fund a bigger home for their growing family.
Phoebe Blamey, a director at Clover Financial Solutions, says: “2021 property prices were unrealistic because interest rates were at record lows and COVID-19 was pressuring people who were stuck in their houses to pay more for a bigger place.”Median vendor discounting has increased from about 3 per cent to 4 per cent in the past 12 months, CoreLogic analysis shows.
Cate Bakos, a buyers’ agent, says discounting varies widely between regions and properties, depending on the quality of the property and strength of demand.“High-quality properties that have been fully renovated and that are well located will have competition from buyers,” says Bakos. “But anything with imperfections will be discounted.