Queensland sellers forced to slash prices by six figures as market hits reverse

The price for this Cannon Valley house has dropped $100,000 From Brisbane’s affordable Bay Islands to blue-chip suburbs such as New Farm, Hendra and Clayfield, sellers are being forced to drastically adjust their expectations – in some cases by six figures – as the state’s once red-hot housing market hits reverse. Even the pandemic migration magnet – the Gold Coast – has seen more than half of vendors across key suburbs forced to drop asking prices, exclusive new data from REA Group shows. Not even the Gold Coast is immune But research suggests that no price point or region is immune, as sellers try to cash out amid fears of a further crash. 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. “In other areas, like on the Gold Coast, where there have been a lot of new unit builds, that also has an impact on whether properties sell at a lower price than listed. “So we will likely see more homes being sold for lower than asking price.” Senior Economic...