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Overseas Property News
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Australia property prices slashed
Country: Australia
21 May 2009 People trying to sell their homes in Australia are significantly reducing their price expectations and lowering asking prices, in order to secure a sale, according to fresh data. A new report from property information provider RP Data reveals that vendors are on average cutting the original asking sale price in the capital cities by close to 8%, and by as much as 20% in some coastal areas. The fact that people selling property in Australia are slashing prices suggests that listing prices are out of touch with what the market is willing to pay for homes, according to RP data research analyst Cameron Kusher. Some of the greatest price reductions are taking place in coastal areas such as Byron Bay, Paradise Point, Wangi Wangi and San Remo. Kusher said: “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.” Among the capitals Melbourne recorded some of the greatest level of price reductions in the 12 months to February, where prices were cut by an average of around 7.7%. At the other end of the scale, Darwin recorded the lowest level of discounting at 3.8%.
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