New data shows that during the COVID-19 pandemic, the number of sellers in Melbourne who lowered their asking prices increased nearly fourfold, but the discount rate remained stable.
New data released by Domain on Thursday showed that although more sellers have lowered their asking prices, their actual discounts have stabilized at around 4% in the past 12 months. Taking Melbourne’s overall median house price of A$881,369, it is equivalent to a price reduction of A$35,254.
After the implementation of a strict four-level blockade, auctions and house viewings were conducted entirely online. Domain senior research analyst Powell (Nicola Powell) said that the pandemic has caused rapid changes in market dynamics, and the price expectations of buyers and sellers have changed. Dr. Powell said: “Sellers are expected to enter the market with realistic prices, and discounts have stabilized.” However, industry insiders also said that those who do not need to sell their houses now do not have to worry, they can wait until the market improves.
https://www.domain.com.au/news/melbourne-asking-prices-are-dropping-but-the-amount-of-discount-remains-the-same-977328/?utm_campaign=strap-masthead&utm_source=the -age&utm_medium=link&utm_content=pos5&ref=pos1