Canberra vendors do less discounting than Sydney sellers

Homes are selling faster in Sydney than in any other market – but one capital city has even lower rates of vendor discounting.

Canberra’s average vendor discount for the week ending 12 April was 3.5 per cent for houses and 3.8 per cent for units, according to CoreLogic RP Data.

The city has an average time on market of 33 days for houses and 41 days for units.

Sydney recorded an average vendor discount of 4.7 per cent for houses and 3.9 per cent for units. Time on market was 26 days for houses and 25 days for units.

Melbourne’s average discount was 4.9 per cent for houses and 5.0 per cent for units, with houses selling in 31 days and units selling in 35 days.

Despite having one of Australia’s flattest capital city markets, Perth was middle of the pack for vendor discounts, with 5.2 per cent for houses and 4.9 per cent for units. Time on market was 69 days for houses and 68 days for units.

Brisbane recorded an average vendor discount of 5.6 per cent for houses and 5.4 per cent for units, with houses selling in 60 days and units in 54 days.

Adelaide’s average discount was 5.0 per cent for houses and 6.4 per cent for units. Time on market was 58 days for houses and 63 days for units.

The statistics also revealed how tough conditions have become in Darwin and the continuing challenge faced by Hobart.

Darwin’s average discount was 6.5 per cent for houses and 6.6 per cent for units, with houses selling in 98 days and units selling in 91 days.

Hobart vendors have been giving discounts of 6.7 per cent for houses and 8.0 per cent for units, while selling their houses in 55 days and their units in 90 days.

[Related: Stats reveal housing boom is more fiction than fact]

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