Auction clearance rates dropped to their second-lowest point this year as sustained higher interest rates force more owners to put homes up for sale, creating what some experts say is a buyer’s market that could last just a few months.
Current conditions offered a window of opportunity for buyers, particularly in the large eastern capitals, he said. In Sydney, early results showed 70.3 per cent of 995 auctions were cleared, slightly down on last week’s preliminary clearance rate of 70.6 per cent – which was revised down to 63.2 per cent on final numbers.
Nine registered bidders pushed the price well above the $1.9 million reserve, with an upsizing local family beating a local investor to take the keys.The selling agent, The Agency’s Krissie Ormond, said quality properties were still in demand.