Where to find the most discounted houses – and yes, our most expensive city is one – Nine

by | Dec 13, 2023 | Engineer

A greater number of Sydney and Melbourne vendors have been discounting properties to the end the year.
The amount of houses in the two capitals with price cuts increased over November, Domain data shows.
However, Adelaide is where discounting is on the up more than any other market, with and annual and month-on-month bump in discounting. It is the only city to register both measures.
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More vendors in Darwin are also dropping their price hopes compared to the same time last year.
The discounting applies only to private treaty listings, Domain's figures show.
Even as discounting becomes more prevalent in some cities, the number of distress listings – whereby vendors behind on mortgages are forced to sell – have gone down.
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Despite ballooning cash rates and living costs, distressed sales have remained a background issue for the market, where capital cities shows a low level of these types of listings.
However, for the small pocket where it applies, the highest amount of distressed listings are Blacktown in Sydney, Brisbane's Sunnybank and Weston Creek in Canberra.
Homeowners across the country appear to be coping with rising mortgage costs, following 13 cash rate hikes since May 2022.
Domain found distress listing have "remained low" nationally throughout the year. In Perth, distressed listings are at the lowest they have ever been for November.
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Sydney, Melbourne and Canberra are at an 18-month low, Adelaide is at a 17-month low, and Hobart and Darwin are at a 14-month low for distressed listings.
In Brisbane, that low has blown to 19 months.
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