vendors having to meet the market

In a further sign of over-inflated expectations not being met 107 Darley St, Newtown, Sydney now has an adjusted price of 818K. To recap: this property was first noticed 6 weeks ago at 839K, a few weeks later price dropped to an arrogant "Offers over 820K" asking price. Seems that approach didn't work either.

This is inner-city Sydney normally one of the bellwether suburbs.

A slew of properties came on the market in this area last week, all in a similar price range to the above. It will be interesting to observe if the "domino effect" takes hold as the vendors realise they will have to meet the market if they want a sale.