PHOTO: Sydney’s prestige market
Sydney’s prestige home owners are feeling the ripple effect of the housing downturn with longer sales campaigns and more discounting before they score a sold sticker.
Across Greater Sydney it is taking an average of 85 days to sell homes in the $3 million-plus prestige range, up 18 per cent on February last year.
Domain data also shows discounting from the advertised price to the sales result in the prestige market has hit 10 per cent, the first time it has hit double digits since early 2015.
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