Vendor discounts drop considerably
Vendor discounts have dropped considerably providing sellers with many reasons to laugh. Additionally, the property prices are on a rise, interest rates are pretty stable and Australia is looking at a very high auction clearance phase lately. Charlotte Cossar for Realestate.com.au says that this might just be the time for you to put up your house on sale.
Vendor discounting is the difference between list price and sales price. Over the last year, this discount has come down from -7.2 to -6.4
When buyers do not seek very high discounts, it augurs well for the selling climate. With higher volume of sales transactions, stable cash rates and steady median prices (relatively high), things could not look better for the property market. In fact, the auction clearance rates are giving very strong signals too. Only about a month ago, the Prestige Market had posted near record figures for Sydney. You can read the full article here.