While competition for premium properties remains strong, on-the-fence buyers are stepping back as hopes of a looming rate cut fade.
“In Melbourne, the listings aren’t being absorbed, which is pushing prices a little lower,” Mr Lawless said.Overall volumes were also down – there were 2086 auctions, compared with last week’s 2337.
The property analyst said despite tight supply, fears around a slowing economy – exacerbated by a recent“We’ve seen a slowdown of the economy in the first half of 2024, which creates uncertainty for job security and uncertainty for business owners – while there has also been a fall in consumer confidence,” Mr Christopher said.
The property sold for $4.22 million – just over the $4.2 million reserve – to purchasers looking to demolish and rebuild.
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