Expectations for further price falls prompted buyers to wait for better deals, leading to fewer successful sales at auctions.
failed to sell at auctions this week as expectations for further price declines amid rising interest rates prompted buyers to stay on the sidelines and wait for better deals, preliminary data from CoreLogic shows.
“I think these reflect falling vendor confidence, otherwise we wouldn’t be seeing such a large proportion of auctions being pulled from the market without being rescheduled,” said Tim Lawless, CoreLogic research director. “So vendors are now forced to adjust their reserve, probably in two out of five cases. I don’t hazard to know, but I don’t think anyone’s particularly delighted about the results they’re getting at the moment.”have dropped by 3.8 percentage points to 59 per cent compared with a week ago, despite lower auction volumes.
“I think there are many disappointed sellers out there who are still wishing they could get their 2021 prices, but they no longer can. And if they want to sell in Sydney or Melbourne, vendors do need to meet the market right now. That’s just the reality. It’s a buyers’ market in both cities.”Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate of 75.8 per cent, followed by Canberra with 71.1 per cent and Brisbane with a 65.2 per cent success rate.
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