House prices have risen extraordinarily across the state in recent years, dashing the hopes of many looking to enter the market.

But a new report by SuburbData offers a silver lining by highlighting the seven suburbs where sellers are dropping their prices the most.

And they can be found right across metropolitan Adelaide.

According to its research, sellers in Valley View in Adelaide’s northern suburbs and which is split across three council areas – the City of Salisbury, the City of Port Adelaide Enfield, and the City of Tea Tree Gully – have the biggest difference between original asking price and final sale price.

Houses here sell on average for 4.4 per cent less than their vendors originally wanted.

Norwood units weren’t too far behind, selling on average, for 4.2 per cent below their original asking price.

Real estate agents Linda Baker and Kieran Brown at a “price-reduced” property they are selling at 1B, 58 William St, Norwood. Picture: Kelly Barnes

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Barry Plant agent Linda Baker is selling a “price-reduced” unit at 1B/58 William Street, Norwood, and said vendors were savvier than ever, especially in a market that was levelling out.

“Sometimes vendors start with an ambitions price and then two weeks in realise they’re not getting as many through as they like so they drop it to better reflect where it sits in the market,” she said.

“Buyers are being very discerning, and what has happened is that as the market has gone up, sellers’ expectations have gone up by even more and their expectation has stayed up once the market has tapered off a bit.

“If this is happening in Norwood, which is a really popular suburb, particularly for units, then that’s a pretty good litmus test that it’s happening across the board.”

She said interest rate rises and cost-of-living pressures had hit buyers hard and made them more considered about what they spend.

“They’re doing a lot more research now – the panic buying of Covid is well and truly behind us,” she said.

“People are watching the dollars a lot more and life is harder now for some people, but there are still very good opportunities out there for people, but people are definitely a lot more considered about it.”

WHERE YOU COULD GET A BARGAIN – SA’S MOST DISCOUNTED SUBURBS

Ridgehaven, Modbury and Modbury North houses all experienced vendor discounting of 3.6 per cent, 1.8 per cent and 1.3 per cent respectively.

Units and apartments in the CBD are discounted by 0.8 per cent on average, with Park Holme houses selling for 0.4 per cent below their original advertised price.

Woodville West and Moana houses both sold, on average, for what their vendors were originally asking for, while houses and units in every other metropolitan suburb sold for more than what their vendors originally wanted, on average.

Vendor discounting is less of an issue here than in other states, with Narellan houses in New South Wales selling for 15.8 per cent below their asking prices. Sale prices for units in Victoria’s Malvern East Victoria were also, on average, 13.8 per cent down on their original asking price.

Digital Finance Analytics director Martin North said he was seeing more forced sales due to mortgage pain or arrears.

Digital Finance Analytics analyst Martin North said vendor discounting occurs for a number of reasons. Supplied

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He also said vendor discounts were lower in South Australia and Queensland, but selling agents were offering higher initial valuations given the more buoyant markets.

“We do see some vendors forced to sell because of financial pressure, but demand is strong enough to mop up the supply,” he said.

“I expect vendors to hang out for extended prices in these states for a bit longer, but despite the expectation of lower interest rates, eventually, I suspect we will see vendor discounts rising after the summer selling season.”