PHOTO: Melbourne’s suburbs have seen exceptional growth in recent years.

Melbourne’s long-suffering homebuyers are cashing in as three-quarters of homes sell for less than their initial listing price.

The figures revealed in CoreLogic’s latest Property Pulse reflect an average 6 per cent discount, equating to more than $45,000 on a $745,000 median priced house in the city.

It’s been 12 years since so many homesellers were willing to cut back their expectations.

In April last year barely a third of sellers would reduce their price to get a sale.

Buyers advocate Cate Bakos said many sellers were now negotiating with buyers — and Christmas would serve as an “emotional deadline” to convince more to do so.