Queensland sellers slash prices by $250k as property downturn hits record speed

Homeowners in some of Brisbane’s wealthiest suburbs are accepting discounts of more than $250,000 on their asking prices, as a leading property analyst warns the housing downturn is unfolding at the fastest pace he has witnessed in his career. The latest realestate.com.au figures to October reveal Hamilton, Chelmer, Cannon Hill and St Lucia are among Greater Brisbane’s biggest hotspots for vendor discounting, as rising listings, weaker buyer demand and four interest rate hikes squeeze sellers. This house at 21 Lynell St, Hamilton, has had its price reduced from $3.9m-$4.1m to $3.6m. In blue-chip Hamilton, houses are selling for $254,345 (9.1 per cent) below their original asking prices, compared with no median discount recorded in January — right before the first interest rate hike in February and the federal government’s tax reforms announced in May. Cannon Hill is recording a median discount of 8.1 per cent compared to 3 per cent in January, while St Lucia has a median vendor discount of 8 per cent ($166,800) as of September, compared to 4.5 per cent in January. Across Brisbane, the median vendor discount has widened from 1.5 per cent in January to 4.1 per cent in October. This h...