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High stamp duty has pretty much killed the upper end of the housing market. It's one of the main reasons we aren't moving any time soon.
With the much-touted recession looming, interest rates might fall but there is the very real possibility of house prices falling too. There is also some talk of SLDT rates being cut to try and increase turnover in the property market after Gideon pretty much killed activity.
Yes, I'm seeing some big reductions in asking price on properties that have been hanging around a while. Up to 10% in some cases.
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