zaph

Desperate sellers slash prices

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Real Estate Institute of SA president Greg Nybo said that was causing the discounts.

"Adelaide has seen a reduction in volumes of transactions and clearly a lot of vendors are having to review the price to get off the market and get on with their lives," he said.

"I think we are coming into what we would probably call a traditional South Australian marketplace.

"We've come out of 10 quite spectacular years. It's the old adage. What goes up eventually comes down."

Mr Nybo said reducing the price of a home did not spell disaster for the vendor. "If they are reducing the sale price of their home they still are buying in the same market," he said.

Property website REFind shows there were 644 property price reductions in SA in the past seven days.

http://www.adelaidenow.com.au/property/desperate-home-sellers-slash-prices/story-e6frefdc-1226134289678

i think greg will lose his presidency. blasphemy!

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Mr Nybo said reducing the price of a home did not spell disaster for the vendor. "If they are reducing the sale price of their home they still are buying in the same market," he said.

I am loving all the different sound bytes that are coming out now. Soon I guess we will hear that this market is perfect for upgraders are the price difference is so much smaller.

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I am loving all the different sound bytes that are coming out now. Soon I guess we will hear that this market is perfect for upgraders are the price difference is so much smaller.

Yes. Me too Tor.

"Cutting the cloth to suit the material."

Is reality finally coming back to earth??

I'm hoping.

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I've seen big falls in the last 2 - 3 months. 30k - 70k in that small amount of time. Some houses are selling cheaper than what the owner paid back in 2009. Others are just delusional and their asking prices need to be brought down to earth.

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There's been a lot of press over the last few years about Australians becoming conditioned to not buy something unless it's on sale, especially the likes of electrical and white goods.

I see no reason why this can't extend to housing. The more the press talks about falls, the more people will want to see price reductions before they will buy.

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