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Vendor discounting has declined in six capital cities over the past year, suggesting market conditions have moved in favour of sellers.
Between the December quarters of 2022 and 2023, the median vendor discount (i.e. the difference between the initial listing price and final selling price) fell from 4.4% to 3.7%, according to CoreLogic.
Discounting declined in every capital city, except for Adelaide (where it remained steady) and Darwin (where it declined).
Perth is the hottest capital city property market in the country right now, so it's no surprise it has the lowest level of discounting (just 2.7%). Conversely, Darwin's property market is quite cool, which is reflected in its high level of discounting (4.7%).
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