Vendor discounting declines slightly in Melbourne and Sydney: RP Data

The level of discounting that vendors of houses in Sydney and Melbourne are offering to successfully secure sales has declined mildly, according to the latest information from RP Data.

However, the discounting to secure unit sales  in both major capital cities has increased slightly.

Successful Melbourne house vendors on average discounted their houses by 8.2% in the week to April 7, down from 8.4% the week prior.

Successful Sydney house vendors on average discounted their houses by 6.5% in the week to April 7, down from 7% the week prior.

Meanwhile, the rate of unit vendor discounting crept up in Melbourne from 6.1% to 6.7% and in Sydney from 4.7% to 4.8% over the same period.

The rate of vendor discounting isthe average percentage difference between the original listing price and the final selling price.

The statistics are calculated across results received by RP Data overthe past week and include properties transacted over the past four weeks.

The data is based on private treaty sales only and records without a valid sale price havebeen excluded from the vendor discount analysis.

The analysis also excludes results where there are less than 10 observations.