Already a subscriber?Fewer than two-thirds of all homes put up for auction sold over the week to Saturday as stubbornly high borrowing costs held back buyers, and even as the growing number of listings – including forced sales – increased choice and held down prices.
The effect of sustained higher rates – compared with expectations that borrowing costs would be on the way down by now – as well as a worsening economy and consumer confidence is starting to bite the country’s east-coast-dominated housing markets.Sydney’s preliminary clearance rate of 62.7 per cent, which CoreLogic said was down from a preliminary 66.1 per cent a week earlier, was likely to be revised below 60 per cent when more auction results were included.
The three-storey home with basement garage at 4/50-60 Clark Road was advertised with a guide of $3.2 million and sold after an auction that pitted two active bidders.“The buyers were very realistic with their expectations,” Mr Christou said. “We’re not seeing homes selling for 10, 15, 20 per cent above the guide. But the buyers knew they weren’t going to buy at guide.
“The house has a pretty facade with a heritage overlay that means you can’t knock it down and rebuild,” Mr Eaves said. “The street is a very pretty street with lots of young families.”– of properties on the market for 30 days or fewer – rose 5.4 per cent nationally in September from August, with Sydney new listings up 3 per cent, Canberra up 7.1 per cent and Perth up 3.7 per cent.