‘They’re begging’: Desperate sellers offer price cuts and $80k perks to score quick sales
Australian property sellers are resorting to significant price cuts and luxury incentives to secure sales as the market experiences a downturn. Auction clearance rates have dropped to levels not seen since the 2020 pandemic lockdowns.
Why it matters
The cooling property market and desperate seller behavior indicate broader economic stress and the impact of rising interest rates on real estate.
Sellers are offering price cuts and $80k luxury perks to score quick sales amid the downturn. Photo: Nine/istock A A Auctions Sellers feeling the pinch of the property market downturn are turning to desperate measures, including massive price cuts and luxury extras, to secure quick sales.
New data from Cotality showed the national preliminary auction clearance rate hovered below 50 per cent for the second consecutive week.
While there had been hope for an uptick during spring, Cotality economist Annabelle Meziere said the volume of auctions hasn’t been this low since 2020.
“Challenging selling conditions have weighed on vendor activity this spring, with auction volumes over the first six weeks of the season 31.2 per cent below the same period last year,” Meziere said.
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