In another sign the balance of power in the property market is shifting from buyers to sellers, the level of vendor discounting has continued to fall.
In May, the median vendor discount – which captures the difference between the price at which a vendor lists their property for sale and the price they ultimately accept – was 3.8% in the combined capitals and 4.5% in the combined regions, according to CoreLogic.
That compares to 3.9% and 4.6% the previous month.
As the graph shows, vendor discounting in the combined capitals has been steadily falling since September last year, when it reached 4.4%. In the regions, the decline is more recent.
The stronger the market, the less discounting that vendors need to do to find buyers. So a reduction in discounting reflects a strengthening in market conditions.
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