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Homeowners in Sydney’s Eastern suburbs are slashing millions of dollars off their asking price in order to sell their homes.
According to an article in The Australian Financial Review, homeowners are being forced to lower price expectations and accept more realistic offerings in order to finalise the sale.
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However, Ray White Double Bay Group director Craig Pontey expects multi-million dollar properties to make a strong return over the next twelve months as prices begin to level with market conditions.
Inspection and inquiry rates have nearly doubled since the Christmas sales period and, with more buyers looking to enter uptown markets this, momentum should carry through the year, Mr Pontey said.
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