In the country’s biggest city, even when properties sell, they’re not doing it as quickly as they were, the weekend auction results show.
Cautious buyers pulled auction clearances to a new low in the last week of April led by Sydney, which is on track to post its third week of a sub-60 per cent clearance rate even before official interest rates begin rising.
The three-bedroom duplex home at 29a Garling Street in Sydney’s northern suburb of Lane Cove sold $360,500 above reserve for $2,270,500 on Saturday.In Sydney’s northern suburb of Lane Cove, a three-bedroom duplex house sold $360,500 above reserve for $2,270,500. But the auction took an hour after the two final bidders fought for the 29a Garling Street home in $500 increments.“It’s the longest auction I have ever hosted,” Belle Property Lane Cove agent Tim Holgate said.
It is going to be a negative. How much of a negative remains to be seen but nevertheless it is still a negative.Separate figures from CoreLogic’s daily hedonic housing price index show that last month, Sydney dwelling values fell 0.2 per cent, repeating the decline they postedDarwin rose 0.9 per cent month on month, Perth 1.1 per cent and Canberra 1.3 per cent, while Brisbane prices jumped 1.7 per cent and Adelaide 1.9 per cent. Full figures will be published on Monday.
Late last year, SQM’s most likely housing scenario for calendar 2022 was for prices across the capital cities to change between zero and 5 per cent. The likely increase in the benchmark lending rate has prompted the consultancy to now predict an aggregate price change of between minus 4 per cent and 1 per cent as the most likely outcome.
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