Melbourne suburbs offer nearly 10% discounts on homes

Home buyers in Melbourne can find significant discounts in some of the city's wealthier neighborhoods. Recent data shows that houses are selling for about 10 percent less than what sellers are asking for. In the Stonnington area, houses are going for an average of 9.5 percent below the asking price. The Yarra region, located in the inner north, follows closely with a median discount of 9.4 percent. Other areas like the Mornington Peninsula and Boroondara are also seeing discounts of 9.3 percent and 8.4 percent, respectively. These figures are based on private sales over the past six months, ending in February, and do not include units. The high-end market in Melbourne has been facing a downturn, but some buyers are returning recently. This follows a cut to the cash rate last month, making borrowing cheaper.