PEOPLE trying to sell their homes are having to substantially lower their initial price aspirations to get the property away, new data shows.
- Sellers having to cut house prices
- Some slashing 23pc from asking price
- Coastal properties worst hit
A report by property information provider RP Data shows that vendors are having to cut the original sale price by almost eight per cent in capital cities amid the tough economic climate.
Some coastal areas recorded discounts close to 20 per cent.