RPData: Property market has peaked

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From RP Data national research director Tim Lawless:

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The level of vendor discounting is measured across homes sold via methods other than auction (typically private treaty sales) and is only measured across homes which sell for less than their original list price. Across the combined capital cities, the level of vendor discounting is recorded at -5.8% for houses and -5.6% for units.

Both figures have increased from recent lows of -5.6% and -5.0% respectively. Discounting for houses is lower than a year ago (- 6.0%) however, discounts for units were slightly lower 12 months ago (-5.5%). As you can see from the first chart, despite a recent increase, discounting levels remain quite low on an historic basis.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.