Daily Telegraph Real Estate auction blog: rolling updates from the property market
There were surprises at Sydney auctions for both sellers wanting a massive payday and buyers seeking a bargain. See the latest results from the weekend.
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Welcome to The Daily Telegraph’s auction coverage.
Sydney has continued its transition from an extreme seller’s market to a more balanced one, where there is less pressure on buyers to make outlandish bids for their slice of the Aussie dream.
SEE THE LATEST RESULTS BELOW
It remains a strong market by historical standards, but the dynamic between supply and demand is nowhere near what it was in lockdown a few months ago.
The big change is that an increased choice of homes has thinned the competition for sales and growth in prices has slowed.
UNDER THE HAMMER – NOW
This week there were close to 1500 scheduled auctions, and about two thirds were expected to produce a successful result for the sellers, in line with the auction clearance rate last week. The auction success rate earlier this year was 90 per cent.
Agents told The Daily Telegraph there was a notable difference in the types of homes passing in and those selling well under the hammer.
Properties that “ticked all the boxes” and offered something rare such as scope for development were often selling for well over reserve. Homes with undesirable traits or locations on busy roads were becoming a difficult sell and were more likely to pass in.
And while that may sound obvious, bear in mind that this fairly basic market principle was not apparent earlier this year when even the lower-grade housing stock fetched massive prices over the reserve.
Some of the biggest results below.