Buyers searching $1.75m below asking prices in top suburbs
Domain data reveals buyers are searching for homes up to $1.75m cheaper than what sellers are actually asking in coveted suburbs.
Australian property buyers have no idea how much they will need to spend in prestige areas, new data shows. Analysis by Domain comparing buyer searches to actual median prices found gaps of up to $1.75 million between what buyers are looking for and what sellers are asking.
In Sydney's Eastern Suburbs, North, buyers searched at $3.5 million but median asking prices hit $5.25 million. In Perth's Cottesloe, Claremont region a $1.6 million gap emerged, while Melbourne's Bayside, Boroondara and Stonnington areas saw about $1 million gaps.
Brisbane's Inner Region buyers searched about $1.2 million below asking price. Domain's chief economist said buyers are browsing with aspiration rather than realistic budgets, especially as prestige markets fall.
- August last year through end of July
- Analysis period
- Cottesloe-Claremont $1.6 million
- Perth gap
- Dr Nicola Powell, Domain
- Economist
Why it mattersThe disconnect shows buyers in premium areas may need to adjust expectations or look at different property types like units and townhouses.
AustraliaAustralian buyers in popular areas face reality checks on affordability, while rising living costs push people toward cheaper property types and outer suburbs.
✓ Claims checked against the source and corrected before publish. checked 8 d ago
