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Gavel-lanche: The year Sydney’s auction market went crazy

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Sydney’s property market has never seen a year like 2021, with low stock levels and even lower interest rates fuelling rapid price growth.

Two weeks later, 43 house hunters tuned in for the auction ofThe $7.02 million sale of a Haberfield house in September left agents and locals shocked.

“There was pretty much one reason underpinning it; a complete lack of stock. Prices were growing at the rate of knots and buyers had FOMO [fear of missing out],” he said. Those that did turn out to auctions increasingly started the bidding well below price guides, or waited for a vendor bid to open the auction, and a growing number of properties failed to meet seller expectations.the median house price pulled back to $1.95 million

 

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