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Fewer auctions are successful in the weakening property market, but buyers and sellers are negotiating afterwards. New figures show how many do – and don’t – reach a deal.
An original-condition Hunters Hill home on the market for the first time in more than six decades attracted buyers looking to spend as much as $2 million on a renovation and extension.
Nineteen buyers turned out to compete for the two-bedroom renovator’s delight, undeterred by a falling property market and soaring building costs.
Sydney home owners have about a one in two chance of selling at auction, and about a quarter of sellers are withdrawing their homes from auction altogether. Can buyers get a better deal?
Fewer homes are selling under the hammer as greater choice reduces competition on the auction floor, and the premium prices house hunters are prepared to pay.