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“Because homes sell so quickly, prices rise quickly – and each sale creates a new benchmark for the community. New homes in the area are listed above the benchmark, but subsequent competition often causes new homes to sell above the benchmark, thus resetting the benchmark.”
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Mr Hart said sellers were offering the lowest discounts in the most popular price ranges, while the highest discounts were at the top end of the market.
“For properties priced between $350,000 and $800,000, about 10 percent of sellers accepted offers below list price,” she said.
“For homes sold for more than $3 million, 31% sold for less than the listing price.
“The traditional approach in real estate is to sell below asking price, but intense competition for homes means buyers need to make their best offer first.
“That doesn’t just mean price-wise. Ask the agent what you can do to make your offer more attractive … longer settlement time, the opportunity to rent the house back while they find a new home, or a cash offer.”
House prices are expected to exceed $840,000 by the end of the 2025 financial year, with apartment prices also expected to reach a new all-time high of around $440,000, according to Domain data.
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