Buyers are keeping their hands in their pockets, trying not to pay too much for property in a weakening market that’s likely to be hit with more interest rate rises. auctions
A Brunswick West home passed in on a bid of $1.5 million, selling after for $1.56 million.A three-bedroom home in Maidstone passed in at auction on a single vendor bid of $1.22 million, then sold in a fast post-auction negotiation for $1,276,000., in the “Paris end” of the suburb, drew a crowd of interested buyers, but none would raise their hand to make an offer.Credit:It’s become a growing trend, agents say, with several auctions passing in on Saturday, then selling directly afterwards.
The house didn’t receive a single bid from the buyers, but after it passed in, a family who had recently migrated from Vietnam negotiated its purchase.Saad said bidders were becoming fewer and farther between at auctions, even if they were ready to make an offer.“Buyers are really waiting to see who else might be out there and what they’re willing to bid,” Saad said. “They think that holding off may give them a bit more power in the negotiation after.
Nelson Alexander Ascot Vale selling agent Josh Kalender said two bidders competed and one made strong bids while the other attempted to slow proceedings by making $1000 offers. The property opened with a vendor bid of $1.46 million, before passing in on a $1.5 million offer. It sold after a short negotiation for $1.56 million – above the $1.5 million to $1.55 million price guide.
“Properties like this have a different buyer pool when you’re talking investors, owner-occupiers and downsizers, and anything under $1 million in an A-grade area like Fitzroy North is always going to get a lot of interest and a good crowd,” Francis said.sold under the hammer for $1.49 million to a professional woman looking to move to the sought-after suburb.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Late cricket legend Shane Warne’s former Brighton home to change handsA Brighton home once owned by Shane Warne is for sale. Renovated since the late cricket legend owned it, the property boasts one of the suburb's best addresses. ShaneWarne BaysideRealEstate Melbourneproperty
Read more »
The perks of doing a property deal in Melbourne’s mid-winterThis winter vendors are mindful that more interest rates are on the horizon and their property will face more competition from other sellers in the busier spring market, and are hoping to make the most of selling sooner. | heagney_melissa
Read more »
F45 gym founder Adam Gilchrist to offload controversial $14 million Freshwater home - realestate.com.auF45 Adam Gilchrist founder, caused a sensation when he bought his neighbour’s Freshwater beach home for a suburb record $14m. Now it's back on the market.
Read more »
Natalie Portman’s Sacred Mountain ‘Love interest’ gone for $3m - realestate.com.auThe unique, luxury Hunter Valley home that actor Natalie Portman had her eye on while filming Thor: Love and Thunder in Sydney, has been sold for $3m.
Read more »
East coast gas crisis threatens to lingerAustralia’s east coast gas crisis may have escalated quickly, but its roots took hold months back and it shows little sign of abating.
Read more »