$500k off: Sydney suburbs with most discounted homes

Home sellers accepting a six-figure haircut on price has become the norm across many Sydney suburbs in the wake of what is shaping up to be one of the worst housing downturns in city history. Realestate.com.au data has revealed multiple areas where more than two thirds of vendors have been forced to accept a discount on price – a volume of price cuts not seen in years. The biggest discounts in absolute dollar terms tended to be in the higher end of the market, where buyers often needed larger loans, but have seen their borrowing power drop due to interest rate hikes. Among the most recent examples were a house in northern beaches suburb French Forest that was listed for $2.25m, but sold for $1.75m, a drop of $500,000. $500k price drop: this Frenchs Forest home was originally listed for auction at $2.25m, but sold for $1.75m. Meanwhile, the largest volume of discounting tended to be in areas with a higher concentration of new housing estates or were suburbs where there was increased unit construction in recent years. These suburbs included Eastgardens, Wiley Park, Mortlake, Barangaroo, Liberty Grove, Villawood and Pitt Town, where up to 83 per cent of vendors in the year to August a...