House prices in Sydney appear to have taken a dip with owners knocking up to $550,000 off asking prices as they take desperate measures to sell.
Vendors throughout the southern suburbs, across to the inner west and Western Sydney, as well as the exclusive Harbour-side domains of the east, are adjusting their expectations as house prices fall.
In Russell Lea and Drummoyne in the inner west, sellers slashed 15-20 per cent off their listed prices, Real Estate reports.
A home at 25A The Parade (pictured) is listed $200,000 below the original price of $3 million
Upper level features four bedrooms with balconies and built in wardrobes
The stunning property includes a heated swimming pool and spa with a lower level poolside entertaining/teenage retreat (pictured)
The highest decreases were recorded in Vaucluse where prices are being slashed by an average of 27 per cent, making way for opportunistic bargain hunters.
The tumble is fueled by the spike in number of properties for sale during the traditional spring surge and a drop in demand.
Potential homeowners have then gained an edge, feeling less pressure to keep up with rival bidders.
Market data reflects the price cuts with CoreLogic recording a 0.2 per cent increase to the city’s median home price in just three months.
As panic purchases slow, up-market areas have taken the biggest hit as the price boom from 2013 – 2016 levels off.
Five-bedroom home 41 The Parade in Russell Lea (pictured) is currently listed for $2.8 million which is $550,000 lower than the initial asking price of $3.35 million
Main lounge & dining areas highlight polished concrete floors and a resort style alfresco overlooks a glass fenced in ground pool (pictured)
Real Estate Institute of NSW president John Cunningham said optimistic vendors who failed to read the market were often misguided.
‘There’s no more boom but some agents are telling sellers they can still expect boom prices so they’re waiting for miraculous buyers to appear and pay premium prices when they aren’t there anymore,’ Mr Cunningham said.
He added sellers listing their homes too high often were always at risk of later discounting the price below similar houses in the same area.
‘Pricing too high is risky,’ he said. ‘If too many buyers are priced out of the sale, the property will stay on the market for longer and it will have a (stigma). Buyers will then want it for a bargain.’
A Whale Beach home at 1 Malo Road (pictured) had an asking price of $6.5 – $7 million but has since dropped to $5.95 million
Featuring panoramic northerly views to the beach and ocean (pictured), there’s a walking path across the road leading down to the sand
One five-bedroom house at 41 The Parade in Russell Lea is currently listed for $2.8 million which is $550,000 lower than the initial asking price of $3.35 million.
A home nearby on the same stretch at 25A The Parade is listed $200,000 below the original price of $3 million.
St Peters and Dulwich Hill were recorded with discounts of nine per cent, while Wentworthville vendors were seen cutting an average of 8.6 per cent from the prices of their homes.
In Girraween was seeing an average discount of 7.9 per cent, just below the southwest in Belmore where discounting was at an average of 8.5 per cent and Kingsgrove 7.9 per cent.
A Whale Beach home at 1 Malo Road had an asking price of $6.5 – $7 million but has since dropped to $5.95 million.
Waterloo renter Vanessa Benson was excited by the prospect of a slightly better deal as she looks for a house in the eastern suburbs.
‘Buying in Sydney is always going to be a challenge but if sellers are taking two months or longer to sell it will certainly be much easier to negotiate,’ she said.
‘I’m looking forward to buying something at a more reasonable price.’
The property features spacious indoor/outdoor living areas, a beautiful Miele kitchen, air conditioning and an internal lift