More than one in four Sydney vendors are pulling out of the auction market as clearance rates soften amid a dwindling number of buyers, preliminary data from CoreLogic shows.
Buyers are becoming price sensitive, but some top-end properties such as this house at 27 Braeside Street, Wahroonga in Sydney’s upper north shore, are still attracting strong competition. “They are still above the worst of the clearance rates recorded in the past downturns, but we could see them falling to around 40 per cent.”
Dan White, Ray White Group managing director, said buyers were becoming more cautious but quality properties were still selling well.“Obviously buyers don’t want to overpay because of rising interest rates, but at the same time they’re happy to pay the market price and that’s why we see some auctions go well,” Mr White said.
A four-bedroom terrace at 400A Abercrombie Street, Darlington in inner Sydney also attracted strong bidding according to Ray White. The property was sold for $2.452 million, which was $352,000 above reserve.