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Daily Telegraph
17-05-2025
- Business
- Daily Telegraph
Sydney suburbs where homes are selling for huge discounts
Home seekers across pockets of Sydney have been given a double dose of good fortune: their loan costs are getting cheaper as interest rates drop but they're also scoring unthinkable price discounts. Exclusive new analysis has revealed multiple city pockets where home buyers have been securing deals averaging 10 per cent below the list price, helping them save upwards of $100,000. Deals of this magnitude have rarely been seen in the years since the Covid pandemic hit, when record levels of migration and sluggish home building resulted in housing demand outstripping supply. MORE: What homes will be worth in each suburb by 2030 Most of the biggest discounts were secured on apartments across Sydney's middle ring, according to the study of private treaty sales by research group SuburbData. There were also outer areas along prominent train lines where house discounting rates were high. MORE: Block star unleashes on DIY 'time bombs' SuburbData analyst Jeremy Sheppard said these suburbs were 'buyer's markets' where home seekers were entering price negotiations from a stronger position. 'Whatever situation the market is in, whether it's oversupply or some other factor, higher discounts reflect that buyers are in control and sellers have to take what is given to them,' Mr Sheppard said. Suburbs with particularly high average vendor discounting on units were Merrylands West, near Parramatta, and Rosebery in Sydney's south, according to the study by research group SuburbData. Merrylands West apartments were typically selling for about 15 per cent cheaper than the advertised price, while in Rosebery the average discount was 13 per cent. Sydneywide, the average discount on properties of all types, is about 1-2 per cent for private treaty sales, while the average price secured by auction was higher than the price guide. MORE: John Howard's hidden homes shame Other suburbs where buyers secured unit prices an average of 10 per cent below the list price over the 12 months to March were Hurstville, Epping and Surry Hills. Rockdale unit buyers were getting discounting of close to 9 per cent. Recent buyers, accustomed to properties selling for well over the advertised price guides, said they couldn't believe the kind of bargains they were getting. Kelly Olive, 37, who recently bought an apartment in Rockdale for below list price said she felt as though there was someone watching over her. 'I can't believe how lucky I got,' she said. 'It looks like interest rates are going to go down and I got a great unit. I really feel like I bought at just the right time.' Ms Olive added that she didn't have the same luck earlier in her home search, when she had confined her search to the inner west. 'Everything was selling for way over the price guides. It was overwhelming,' she said. 'Then I was told I'd get better value in Rockdale. I hadn't considered the area before. It was a good choice.' A family of four who bought a duplex earlier this year in Revesby, where the average house is selling for 8 per cent below the list price, said they got their home for $105,000 below the original price. 'We later learned we were the only ones who put in an offer and the sellers needed to move quickly. It was the right place at the right time,' one of the buyers said. Home seekers in other parts of Sydney have not been as lucky. SuburbData research showed there were many areas where the average unit or house was selling for above the list price. Unit buyers were paying an average of 13 per cent above list price in the suburb of Sutherland, in Sydney's south, and 8 per cent above list price in nearby Cronulla. It was a similar story in North Kellyville, in the northwest, where units were typically selling for 10 per cent above list price, while in southwest suburb Ingleburn houses were selling for 11 per cent over. 'Properties selling for well above the advertised prices indicates the buyers are often desperate,' Mr Sheppard said. 'Agents don't give buyers the time of day in these markets because demand exceeds supply and they know there are plenty of buyers competing on every listing.' Mortgage Choice Inner West broker Chantelle Rangel said there may only be a small window for new purchasers to capitalise on softer buying conditions in various areas as coming interest rates may heat the market. 'There is always a frenzy of demand as soon as rates drop … I've never been so busy,' she said. 'What's interesting is, we've had a significant increase in Investor pre-approvals as well as people wanting to purchase in their self managed super funds, now that affordability from a personal cash flow perspective has improved with owner occupied repayments becoming more manageable.' Mr Sheppard said buying in an area where vendors were accepting offers well below list prices often came with a downside. 'Buyer's markets are ironically not so good to buy into if you want the value of the property to go up quickly,' he said.
Herald Sun
16-05-2025
- Business
- Herald Sun
Geelong suburbs where sellers home prices hold or fold revealed
Fresh data has revealed the Geelong suburbs where buyers or sellers have the upper hand when it comes to sticking to their guns on price expectations. The PropTrack figures for vendor discounting – where homes sold by private treaty saw the biggest drop between the original advertised price and what buyers ultimately agree to pay – reveals the suburbs where buyers are able to negotiate the best deals. Coastal areas remained the best buyers' markets over the past 12 months, with prices sliding a median 8.3 per cent in Anglesea and Point Lonsdale between listing and sale, and close to 8 per cent in Portarlington and Barwon Heads. RELATED: Geelong's next $1m suburbs, emerging areas revealed Andrew Winter: Looming rate cuts to push up home prices Bidders love for bold Geelong renovation rewards sellers Barwon Heads has experienced an overall 20.7 per cent drop in median house price in 12 months to May (to $1.42m), PropTrack data shows, with the vendor discounting data showing sellers continue to grapple with where value sits in the Bellarine Peninsula hot spot. Pricing homes proved more stable across urban Geelong, with discounting most prevalent across the expensive inner suburbs, especially central Geelong, but also Manifold Heights, Newtown and Geelong West. Prices ebbed the most for central Geelong apartments, with a 5.7 per cent median discount between listing and sale. Sellers had it best in areas such as Armstrong Creek, Belmont, Corio, Grovedale, Lara and Newcomb, where the PropTrack data recorded a median vendor discount of zero. Hayeswinckle, Highton director Michelle Winckle said discounting price guides was more prevalent in more expensive inner suburbs where there were fewer buyers competing for homes. The data shows prices were most stable in Geelong's northern and southern suburbs. 'It's at a lower level where there's more people competing,' she said. Geelong's property market has endured a turbulent 24 months, with prices overall trending down until recently. Ms Winckle said price expectations were often changed to make homes more competitive in the marketplace. 'You often don't know until you've started a campaign and it's just not grabbing the market, so it needs to be adjusted,' Ms Winckle said. 'Quite often, it can still sell at what they originally wanted. It's just about changing up the strategy.' Buyers advocate Michael Ramsay said more properties were selling in coastal markets since interest rates were cut, though there were still examples of homes being listed at prices well above what the market considered fair. That was a sign that prices guides were getting closer to buyers expectations compared to the start of the year, Mr Ramsay said. SuburbData analyst Jeremy Sheppard said there's a correlation between higher discounts and softer demand. Buying in an area where vendors were accepting offers well below list prices often came with a downside, Mr Sheppard said. 'Bargain hunting is great if you're simply seeking a roof over your head and you plan to stay in the property for 20 years, but from an investment point of view it's not always good,' he said. '(In a high discount area) you'd have to be confident that you wouldn't need to sell for some time as it will be more difficult for sellers … if you're holding for the long term, this won't be an issue as the market will eventually balance out. All areas will eventually grow if given enough time.' GEELONG MEDIAN VENDOR DISCOUNT FIGURES Suburb Property type Median sale price Median vendor discount Point Lonsdale H $1,207,500 -8.3 Anglesea H $1,350,000 -8.3 Portarlington H $863,500 -7.9 Barwon Heads H $1,420,000 -7.8 Jan Juc H $1,270,000 -5.9 St Leonards H $720,000 -5.8 Geelong U $615,000 -5.7 Ocean Grove U $741,000 -5.4 Winchelsea H $650,000 -5.1 Geelong H $880,000 -4.4 Torquay H $1,175,000 -3.6 Newtown U $575,000 -3.4 Manifold Heights H $1,260,000 -3.1 Newtown H $1,150,000 -2.7 Ocean Grove H $955,000 -2.6 Geelong West H $850,000 -1.8 Drysdale H $710,000 -1.3 Lara U $447,500 -1.3 Belmont U $538,000 -1.1 Norlane H $451,000 -1 Grovedale U $496,250 -1 Highton H $861,000 -0.9 Clifton Springs H $652,600 -0.9 Leopold H $650,000 -0.7 Bannockburn H $785,000 -0.7 Hamlyn Heights H $720,000 -0.6 Herne Hill U $368,000 -0.6 Wandana Heights H $925,000 -0.5 Marshall H $630,000 -0.1 Armstrong Creek H $650,000 0 Lara H $680,000 0 Corio H $490,000 0 Belmont H $700,000 0 Mount Duneed H $700,000 0 Grovedale H $663,000 0 Charlemont H $615,500 0 Highton U $500,000 0 Bell Post Hill H $660,000 0 Bell Park H $611,000 0 Curlewis H $638,250 0 Newcomb H $550,000 0 Waurn Ponds H $765,500 0 St Albans Park H $585,000 0 Whittington H $529,000 0 Herne Hill H $700,000 0 North Geelong H $610,000 0 Geelong West U $387,500 0 East Geelong H $765,000 0 Hamlyn Heights U $530,750 0 Thomson H $512,500 0 Lovely Banks H $840,000 0 Source: PropTrack. Median vendor discount for homes sold in 12 months to May 2025. Excludes suburbs with less than 30 sales.
Mercury
16-05-2025
- Business
- Mercury
Huge home discounts: Aus suburbs where you can bag a bargain
Savvy homebuyers are scoring big discounts across a number of Aussie suburbs where sellers are slashing asking prices by thousands of dollars to meet shifting market conditions. New analysis from SuburbData has revealed the top locations for buyers looking to bag a property bargain with Melbourne providing the biggest vendor discounts, the data shows. The Victorian capital currently has 17 markets where buyers could see price drops of over 10 per cent off the original asking price, compared to just eight locations in Sydney, three in Brisbane and one in Adelaide. SuburbData analyst Jeremy Sheppard said suburbs with high rates of vendor discounting were usually 'buyer's markets' where home seekers were entering price negotiations from a stronger position. 'There is a correlation between higher discounts and softer demand,' he said. 'Whatever situation the market is in, whether it's oversupply or some other factor, higher discounts reflect that buyers are in control and sellers have to take what is given to them.' MORE NEWS $80bn upgrade: Aussies' $1300 insane saving How to pick the next booming property market Second RBA rate cut to drive uptick in refinancing Here's how your state compares. QUEENSLAND Sellers across 20 Brisbane suburbs have been forced to cut prices by at least 5 per cent as rising stock levels and affordability pressures bite. Fringe areas like Ipswich, Logan, and Moreton Bay topped the SuburbData list, recording discounts of up to 16.3 per cent. Buyers in Banksia Beach and Wynnum West also secured discounts of about $100,000, or just under 10 per cent off the list price, while savings of 8 to 12.5 per cent were recorded in Eagleby, North Ipswich, Springfield, Wynnum (units), Woodridge, and Bellara, with discounts averaging $66,500 on homes priced between $660,000 to $823,500. Read the full story here. VICTORIA In Melbourne, Mont Albert delivers the strongest discount across the city, with vendors typically selling homes for 18.8 per cent less than they had expected. Point Cook, Collingwood, Lilydale and Altona round out the top five for biggest price reductions, with discounts varying between 13.8 per cent and 17.7 per cent. Other areas where markdowns were more common included parts of the southeast and inner suburbs with older housing listing sor higher proportions of investor-owned properties. Homes that required renovation or had been poorly maintained tended to sit longer on the market and sell at steeper discounts. Read the full story here. NEW SOUTH WALES Home seekers across pockets of Sydney have been given a double dose of good fortune: their loan costs are getting cheaper as interest rates drop but they're also scoring unthinkable price discounts. Exclusive new analysis has revealed multiple city pockets where home buyers have been securing deals averaging 10 per cent below the list price, helping them save upwards of $100,000. Most of the biggest discounts were secured on apartments across Sydney's middle ring, according to the study by research group SuburbData. There were also outer areas along prominent train lines where house discounting rates were high. Suburbs with particularly high average vendor discounting on units were Merrylands West, near Parramatta, and Rosebery in Sydney's south. Merrylands West apartments were typically selling for about 15 per cent cheaper than the advertised price, while in Rosebery the average discount was 13 per cent. Sydney-wide, the average discount on properties of all types, is about 1-2 per cent for private treaty sales, while the average price secured by auction was higher than the price guide. Read the full story here. SOUTH AUSTRALIA In SA, buyers are likely to score the biggest saving in Gulfview Heights with the average vendor discount sitting at 12.5 per cent. It means the average house is likely to sell for $120,000 less than the original asking price, based on the median suburb price of $960.000. Houses in Adelaide CBD are also selling, on average, for 8.2 per cent less the original asking price and 5.3 per cent in Modbury. Potential savings can also be found in Largs North, Banksia Park and Woodside in the Adelaide Hills, where properties sell between 2.1 per cent and 4.9 per cent less the asking price. Read the full story here. NORTHERN TERRITORY In the NT, the biggest winners would be mortgage holders in Fannie Bay, where the average cost of a house is sitting at $906,771. A 25bp cut would mean a saving of $216 a month on the mortgage of a typical Fannie Bay house, while a 50bp drop would save $230 a month. In Lyons, where the average cost of a house is $2.4m, a 25bp cut would mean a $109 monthly saving, while a 50bp cut would equate to $216 a month off the mortgage bill. In Nightcliff, mortgage holders paying off an average house could expect to save $105 (25bp cut) and $209 (50bp cut) a month. At the other end of the scale, a property owner paying off a unit in Bakewell, where the median price is $292,807 would see a monthly reduction of $37 based on a 25bp and $74 based on a 50bp reduction. In regional NT, a 0.25 percentage point rate cut would mean a monthly saving of $53 for an owner paying off a typical house and $32 for a typical unit. While a 0.5 percentage point cut would mean $105 a month of the mortgage of an average-priced house and $65 off an average-priced house. Read the full story here.
News.com.au
16-05-2025
- Business
- News.com.au
Melbourne property market divided: Suburbs where sellers win big and buyers bargain hard
Melbourne homesellers in dozens of suburbs are headed to a winter bonanza as their local area delivers unexpectedly strong sales — but others won't be so lucky. New analysis from SuburbData has revealed the city's best and worst performing suburbs to sell a home, highlighting the gap between asking prices and final sale figures. Fraser Rise in Melbourne's outer west delivered the strongest result in the city, and one of the nation's 10 best, with vendors typically selling homes for 18.3 per cent more than they had expected. At the other end of the list, sellers in Mont Albert, Point Cook, Collingwood, Lilydale and Altona faced some of the biggest reductions – making them among the best places for buyers to target as the weather cools. In those areas, price cuts pushed close to 19 per cent as weaker demand and oversupply limited buyer urgency. Other areas where markdowns were more common included parts of the southeast and inner suburbs with older housing listings or higher proportions of investor-owned properties. Despite the mixed results, agents said overall sentiment had shifted in favour of sellers in many family-oriented growth corridors. Ray White Taylors Lakes agent Ratip Cileli said Fraser Rise had become one of the city's most active markets in recent months, driven by strong buyer demand and improving local infrastructure. 'There's still a lot of development to come, and that's only going to keep pushing values upward,' Mr Cileli said. 'It's moving in a really positive direction.' A recent listing for a four-bedroom home in the area attracted more than 30 groups. 'We had buyers trying to negotiate early, but we stuck with the auction because the interest was there,' he said. 'With buyers competing and vendors confident, it's one of the strongest markets we've seen in years.' Fraser Rise has also drawn increased interest from first-home buyers and upgraders priced out of neighbouring Caroline Springs and Taylors Hill. Mr Cileli said many of the homes were new builds or recently constructed, reducing the need for renovations and adding to their appeal. 'You can get something modern here without needing to renovate,' he said. 'It's great value for money and buyers are realising that quickly.' SuburbData analyst Jeremy Sheppard said low markdown levels often signalled a seller's market, where buyers drove up prices and listings were tightly held. 'There is a correlation between higher discounts and softer demand,' Mr Sheppard said. 'Whatever situation the market is in, whether it's oversupply or some other factor, higher discounts reflect that buyers are in control and sellers have to take what is given to them.' Mr Sheppard said suburbs with tight competition and minimal price reductions were often markets where sellers had the upper hand, and values could rise quickly as a result. 'Properties selling for well above the advertised prices indicates the buyers are often desperate. As a seller, you will hear from new buyers in hours,' he said. 'Agents don't give buyers the time of day in these markets because demand exceeds supply and they know there are plenty of buyers competing on every listing.' The SuburbData analyst added that while buyer-leaning suburbs might seem appealing for affordability, they lacked the same potential for quick equity growth. 'Buyer's markets are ironically not so good to buy into if you want the value of the property to go up quickly,' Mr Sheppard said. 'It's one of those counterintuitive concepts. We call it a buyer's market because it's easy to buy into, but the best markets for capital growth are very hard to get into.' 'There's a big difference between buying cheap and buying smart,' 'The suburbs with the tightest competition are the ones that tend to grow the fastest.' Melbourne buyers' advocate Simon Murphy said many of his clients were targeting suburbs like Fraser Rise, Derrimut, Deer Park and Glenroy, where prices were still accessible and capital growth looked promising. 'With the southeast getting more expensive, people are heading west where they can still get something decent 30 minutes from the CBD,' Mr Murphy said. 'Anywhere between $700,000 and $900,000 is still considered affordable, and buyers are definitely active in that bracket.' Mr Murphy said recent listings were fuelled by first-home buyer schemes and increased market confidence. 'A lot of buyers don't realise they qualify, but if you're under $600,000 and your servicing is strong, you can get in with around $30,000 saved,' he said. The Melbourne said he had saved clients more than $30,000 each across recent purchases, but warned the opportunity to negotiate would narrow. 'If you're in a position to buy, don't wait, the $600,000 affordable house is going to be a thing of the past very soon – just like we now laugh about $400,000 homes from 2016.' MELBOURNE SUBURBS BEST TO BUY Suburb Property type Discount % MONT ALBERT Units 18.8 POINT COOK Houses 17.7 COLLINGWOOD Units 15.3 LILYDALE Units 14.8 ALTONA Units 13.8 CLAYTON Units 13.7 MORNINGTON Houses 12.4 NEWPORT Houses 12.3 DONCASTER Houses 11.8 PRESTON Houses 11.4 Note: Data excluded homes that went to auction. MELBOURNE SUBURBS BEST TO SELL Suburb Property type Discount % FRASER RISE Houses -18.3 IVANHOE Houses -8.5 BROOKLYN Houses -8.5 FRANKSTON SOUTH Houses -5 FAWKNER Houses -4.9 FITZROY Units -4.2 TOOTGAROOK Houses -3.9 OFFICER Houses -3.8 CROYDON Units -2.1 TEMPLESTOWE LOWER Houses -1.8 Note: Data excluded homes that went to auction.
News.com.au
16-05-2025
- Business
- News.com.au
Sydney suburbs where homes are selling for huge discounts
Home seekers across pockets of Sydney have been given a double dose of good fortune: their loan costs are getting cheaper as interest rates drop but they're also scoring unthinkable price discounts. Exclusive new analysis has revealed multiple city pockets where home buyers have been securing deals averaging 10 per cent below the list price, helping them save upwards of $100,000. Deals of this magnitude have rarely been seen in the years since the Covid pandemic hit, when record levels of migration and sluggish home building resulted in housing demand outstripping supply. Most of the biggest discounts were secured on apartments across Sydney's middle ring, according to the study of private treaty sales by research group SuburbData. There were also outer areas along prominent train lines where house discounting rates were high. SuburbData analyst Jeremy Sheppard said these suburbs were 'buyer's markets' where home seekers were entering price negotiations from a stronger position. 'Whatever situation the market is in, whether it's oversupply or some other factor, higher discounts reflect that buyers are in control and sellers have to take what is given to them,' Mr Sheppard said. Suburbs with particularly high average vendor discounting on units were Merrylands West, near Parramatta, and Rosebery in Sydney's south, according to the study by research group SuburbData. Merrylands West apartments were typically selling for about 15 per cent cheaper than the advertised price, while in Rosebery the average discount was 13 per cent. Sydneywide, the average discount on properties of all types, is about 1-2 per cent for private treaty sales, while the average price secured by auction was higher than the price guide. Other suburbs where buyers secured unit prices an average of 10 per cent below the list price over the 12 months to March were Hurstville, Epping and Surry Hills. Rockdale unit buyers were getting discounting of close to 9 per cent. Recent buyers, accustomed to properties selling for well over the advertised price guides, said they couldn't believe the kind of bargains they were getting. Kelly Olive, 37, who recently bought an apartment in Rockdale for below list price said she felt as though there was someone watching over her. 'I can't believe how lucky I got,' she said. 'It looks like interest rates are going to go down and I got a great unit. I really feel like I bought at just the right time.' Ms Olive added that she didn't have the same luck earlier in her home search, when she had confined her search to the inner west. 'Everything was selling for way over the price guides. It was overwhelming,' she said. 'Then I was told I'd get better value in Rockdale. I hadn't considered the area before. It was a good choice.' A family of four who bought a duplex earlier this year in Revesby, where the average house is selling for 8 per cent below the list price, said they got their home for $105,000 below the original price. 'We later learned we were the only ones who put in an offer and the sellers needed to move quickly. It was the right place at the right time,' one of the buyers said. Home seekers in other parts of Sydney have not been as lucky. SuburbData research showed there were many areas where the average unit or house was selling for above the list price. Unit buyers were paying an average of 13 per cent above list price in the suburb of Sutherland, in Sydney's south, and 8 per cent above list price in nearby Cronulla. It was a similar story in North Kellyville, in the northwest, where units were typically selling for 10 per cent above list price, while in southwest suburb Ingleburn houses were selling for 11 per cent over. 'Properties selling for well above the advertised prices indicates the buyers are often desperate,' Mr Sheppard said. 'Agents don't give buyers the time of day in these markets because demand exceeds supply and they know there are plenty of buyers competing on every listing.' Mortgage Choice Inner West broker Chantelle Rangel said there may only be a small window for new purchasers to capitalise on softer buying conditions in various areas as coming interest rates may heat the market. 'There is always a frenzy of demand as soon as rates drop ... I've never been so busy,' she said. 'What's interesting is, we've had a significant increase in Investor pre-approvals as well as people wanting to purchase in their self managed super funds, now that affordability from a personal cash flow perspective has improved with owner occupied repayments becoming more manageable.' Mr Sheppard said buying in an area where vendors were accepting offers well below list prices often came with a downside. 'Buyer's markets are ironically not so good to buy into if you want the value of the property to go up quickly,' he said.
