$6m slashed: Australia’s biggest property price cuts revealed

Home sellers are slashing millions from their asking prices, with new research revealing almost $1.64 billion has been wiped from initial price expectations. Analysis by Glasshouse, shows 15,851 homes across the country are now listed below what their owners first asked — with some vendors cutting their expectations by millions of dollars. This property at 413-414 Esplanade, Mount Martha, has had its price reduced by $5.95m. The biggest reductions are concentrated at the prestige end of the market, led by a Mornington Peninsula property where almost $6 million has been shaved from the asking price. The property at 413-414 Esplanade, Mount Martha, was initially listed for $14.95 million but is now asking $9 million — a $5.95 million reduction, according to Glasshouse’s latest September data. It was the largest dollar cut identified nationally. Also in Victoria, a property at 3-4 Montrose Court, Toorak, was reduced by $3.5 million, from $29 million to $25.5 million, while 301G/14-16 The Esplanade, St Kilda, dropped $2.5 million from $12.5 million to $10 million. This property at 3/4 Montrose Court, Toorak, has had its price reduced by $3.5m. In NSW, the biggest adjustment was recorde...