Fear of housing crash forces Australian sellers to accept huge price cuts

REA Group senior economic analyst Megan Lieu said higher priced suburbs currently dominated the list of top suburbs around the country. Aussie sellers are being forced to drastically adjust their expectations — in some cases by six figures — as the country’s once red-hot housing market hits reverse. Research reveals no price point or region is immune, as sellers try to cash out amid fears of a further crash. Sellers are being forced to drastically adjust their expectations — in some cases by six figures — as the country’s once red-hot housing market hits reverse. REA Group senior economic analyst Megan Lieu said higher priced suburbs currently dominated the list of top suburbs with the largest share of homes being sold at a discount. “Some sellers still expect the same prices, but in a downturn, buyers often have more negotiating power,” she said. “So we will likely see more homes being sold for lower than asking price.” Views back to Sydney CBD. Picture: Destination NSW In New South Wales, 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. The big...