A historic Edwardian home in Moonee Ponds sold for $1.54 million on Saturday after first passing in at auction, with buyers more cautious in their bidding following the second interest rate hike in two months
Properties passed in at auction before selling on Saturday as interest rate jitters hit the market.
It sold midway between the asking price range of $1.5 million to $1.58 million, on the first weekend since interest rates wereAuctioneer Jayson Watts in action. The home received just two bids before passing in and later selling.Nelson Alexander Flemington partner and auctioneer Jayson Watts said while the interest rate rises had sent jitters through the market, buyers had been expecting rates to go up, and were still willing to make an offer.
“Buyers definitely prefer to buy something where the work is already done,” Watts said. “There’s a really big appetite for renovated homes, or newly-built homes, where they don’t have to do any work.” The auction opened with a vendor bid at the $3.5 million reserve price, which was followed by strong bidding, said Kay & Burton Flinders selling agent Ruth Williams.
O’Brien Real Estate Chelsea selling agent Kimberley Ferguson said more buyers had been holding back as the market changed.
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.
NSW govt to splash $1.2b on clean energyThe NSW government will commit $1.2 billion over the next decade on energy infrastructure in a bid to provide cheaper and cleaner power. nswpol 7NEWS
Read more »
$1.2b for new renewable energy transmission, but farmers want compensationThe NSW government is budgeting $1.2 billion to fast-track transmission lines for renewable energy, but farmers say they want proper compensation if their land is affected.
Read more »
The Sydney regions where auction clearance rates have been hammeredMore than one in two homes are now failing to sell via auction in some pockets of Sydney, as clearance rates continue to fall amid cooling buyer demand.
Read more »
‘Aladdin’s cave’ with James Bond garage sells for close to $12.8mThe unique, three-bedroom, French-inspired home in Melbourne’s prestigious suburb of Toorak sold just 10 days after expressions of interest were called for.
Read more »
US inflation hits a new 40-year high of 8.6pcAmerica’s inflation surged still higher, driven by gas, rent and the cost of food at home, putting a potential 75 basis point rate rise on next week’s agenda.
Read more »