Hobart Vendors Slash Prices to Secure a Sale
New data from RP Data showed that many vendors in Hobart are significantly reducing their asking price in order to sell homes.
The Property Market Indicator provided by RP Data showed that homes in Hobart are typically on the market for an average of 85 days. The market is currently considered an extreme buyers’ market.
The discount offered by vendors is the difference between the final selling price and the original price for sale. On average, the discounts being offered by vendors in Hobart are 12% higher than in Brisbane, 7.5% higher than in Adelaide, 7.1% more than in Melbourne, 6.7% more than in Sydney and 6% higher than Perth.
Those selling units in Hobart are more likely to achieve results closer to the market. Hobart units spend an average of 64 days on the market with an average 5.8% vendor discount.
According to President of the Real Estate Institute, Adrian Kelly, home prices in Tasmania have fallen by approximately 7% in the last three years.