/biz/ - Business & Finance

Shits fucked mate.

Prices in Sydney and Melbourne have fallen back to 2016 levels in nominal terms and further in real terms.

https://www.BAKA.com.au/business/the-economy/sydney-and-melbourne-house-values-fall-back-to-2016-levels-20190301-p5114v.html

>Sydney and Melbourne house values have retreated to 2016 levels as signs grow the fall in property prices is spreading across the rest of the country and depressing the number of homes on the market.

>Figures from analysts CoreLogic on Friday showed house values in Sydney dropped by 1.1 per cent last month to be down 11.5 per cent over the past 12 months.

>Melbourne values tumbled by 1.2 per cent and 4.8 per cent over the past quarter, making it the softest capital city market in the country. Over the past 12 months, house values have dropped by 11.5 per cent.

She's fucked mate, big time.

https://www.theaustralian.com.au/business/time-to-get-real-property-sellers-told-as-discounting-bites/news-story/fa36727bdf400797dc355ef8741a4e96?

>The gap between buyer and seller expectations is continuing to grow as property vendors around the country are forced to drop prices to get settlements over the line.

>Around 75 per cent of properties sold by private treaty in the last quarter of 2018 were settled for less than the original asking price, Core Logic data shows.

>The heavy discounting is prevalent in almost all capital cities, where the median discount sits at 6.3 per cent: the worst figure since 2009. While regional markets are still weak, they are performing better at, with a 5.2 per cent discount.

>CoreLogic data analyst Cameron Kusher said discounting was likely to continue and that sellers needed to be more realistic when setting prices.

>Sydney experienced substantial discounts over the past 12 months, beating global financial crisis levels. The median vendor discount is currently 7.5 per cent, 2.7 per cent worse than 2017. But, Melbourne has had the steepest jumps in house price discounting, hitting a record all-time record of 7 per cent.

>Brisbane and Adelaide markets have had modest discounting, each currently at 5.3 per cent.

>Perth was the only market to slightly reduce its discounting levels, up 0.1 per cent to 6.4 per cent.