Melbourne vendors required to offer higher discounts to secure October sales: APM
Lower private treaty discounting was necessary to secure sales across most of the Australian capital cities during October than September, according to Australian Property Monitors. Only Melbourne moved markedly against the trend.
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The amount of vendor discounting required to secure residential property sale is much lower than in October last year, a heat chart released by APM shows.
In Sydney, the average discount required in October 2012 was 6.1%, compared with 6.2% in September and 6.5% in October 2011.
Melbourne recorded a monthly increase in the required discounting, jumping from 6.9% in September to 7.2% in October.
Darwin vendors are required to offer the lowest discounts of 4.8% off initial price hopes to secure sales.
Hobart's average discount was a 8.6%, the nation's highest, but with a downwards trend, says APM research analyst Clinton McNabb.
