Advertisement
From Morgan Stanley via the AFR, Sydney property now only trailing Perth for vendor discounts:
Vendor discounting, the difference in price between the asking price and final sale, has risen to about 4.4 per cent in Sydney as pressure grows on sellers who are increasingly fearful of bigger price falls, it warns.
Tight credit and record household debt means “it is unlikely that the market will turn around anytime soon”, the investment bank concludes.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
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.