In Sydney, the average discount on initial prices is 8.2 per cent, or $87,134, for houses and 8 per cent, or $56,160, for apartments.
Sellers have not discounted at this level since January 2009, while apartments have not had discounts like this since 2006.
Sydney’s median house price fell 9.9 per cent last year and the average time to sell climbed to more than 70 days.
Sellers on the upper north shore are dropping house prices the most, recording an average discount of 9.5 per cent over the six months to December. At the region’s median house price of $1.634 million – which fell 9.2 per cent last year — that is a $155,000 price cut.
In the city and east, sellers slashed prices 9.3 per cent — or more than a $200,000 price cut at the $2.2 million median. In the inner west, lower north shore and north west, prices dropped an average of 9 per cent.
Sydney’s most affordable pockets — the west and south west — had the smallest discount, with houses selling 7.2 and 7.3 per cent below initial prices, or $50,760 and $50,288, respectively.
AVERAGE DISCOUNT ON ADVERTISED PROPERTY PRICES
Source: Domain Group data. Note: Discounting data is the difference between the advertised price and the sold price. Based on a 6-month rolling period. Excludes sales via auction.
Region Houses Units
Blue Mountains 7.20% NA
Canterbury/B 8.50% 8 .6%
Central Coast 6.60% 7.4%
City and East 9.30% 8.3%
Inner West 9.00% 7.1%
Lower Nth Shore 9.00% 7.3%
North West 9.00% 7.50%
Northern Beaches 8.10% 5.5%
South 8.60% 6.5%
South West 7.30% 8.5%
Upper Nth Shore 9.50% 6.7%
West 7.20% 6.5%
Tuesday, 26 February 2019