RBA warning casts shadow over auction market

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More vendors withdrew their property from sale after the RBA’s latest rate increase but the owner of a Crows Nest home got $500,000 over reserve in a positive sign for the future.

The withdrawal rate ticked up to 13.4 per cent from 9.3 per cent a week earlier,This Crows Nest home sold for $2.91 million.

February clearance rates are typically strong as a burst of buyers hits a market with limited listings. Auction volumes are steadily rising as the summer break fades, with 1467 scheduled across the capitals in the past week, up 11 per cent.Nevertheless, the uptick in withdrawals could signal “a worsening in vendor confidence following the more pessimistic inflation outlook and expectation for further rate hikes from the RBA”, CoreLogic said in its preliminary analysis this week.

It is a market of cross-currents, nonetheless. As some vendors retreated, others exceeded their expectations in successful sales. Among them were the downsizing owners of a three-bedroom Crows Nest home, on Sydney’s lower North Shore. The 2/71 Holtermann Street home sold under the hammer on Saturday for $2.91 million, well above its $2.4 million reserve.Six of the 12 registered bidders threw their hats in the ring before a Crows Nest couple claimed the prize.

Adelaide achieved a preliminary rate of 71.2 per cent, while in Canberra 60 per cent of auctions were successful.At Coopers Plains in Brisbane’s south, the retired owners of a three-bedroom home at 36 The Village Avenue exceeded their reserve by $75,000 with a $955,000 sale.

 

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Residential homes hoarders are buying it

“Positive sign”… AFR now unashamedly spruiking…not even pretending to care about objectively reporting financial news.

How is over priced housing market a positive for anyone!?

Oi! AFR! Why are making the value judgement that inordinate asset price inflation is a good thing? For buyers it is not!

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