Homebuyers Win 5% Discounts as Higher Rates Cool Housing Market
Updated
Updated · The Australian Financial Review · Jun 3
Homebuyers Win 5% Discounts as Higher Rates Cool Housing Market
3 articles · Updated · The Australian Financial Review · Jun 3
Summary
Buyers in capital cities paid up to 5% below original sale prices on private-treaty homes over the past three months, Cotality data showed.
Higher interest rates and the federal budget rapidly cooled demand, pushing initial asking prices lower and prompting some sellers to relist homes at reduced prices.
That 5% discount is well above the decade average of 3.3%, showing buyers have gained bargaining power as sellers reset expectations.
The shift fits a broader housing slowdown, with recent Realtor.com data showing U.S. median listing prices fell 2.4% in May to $429,500.