Close to 30 per cent of homes listed for auction in Sydney were withdrawn in the past week as nervous vendors retreated in the face of a cooling market.
So far, auction volumes remain relatively strong compared to longer-term averages, although the crunch will come in the spring selling season, when clearance rates could fall further, according to Mr Christopher, and vendors must decide if they want to sell through the auction market. Ray White NSW chief auctioneer Alex Pattaro, whose agency sold the Clovelly house, said the auctions market had settled into its typical winter mode.
But that shrinking pool of new listings could ultimately lead to better prices if more buyers are bidding, Mr Pattaro said.
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