Homeowners who listed their properties for auction are increasingly abandoning their plans, although veteran agents have some advice for anyone trying to negotiate a deal in this market.
The number of properties pulled from auction has risen, as fewer buyers compete for homes.
About 25 per cent of scheduled auctions were withdrawn in May and June, Domain data shows. Withdrawn auctions are counted as unsold properties when calculating the clearance rate, which dropped to 52.1 per cent in June. “The obvious reason [for more withdrawn properties] is a lack of buyer engagement, and also a lack of confidence from the agent in how strong the buyers are,” Pattaro said, adding buyers would no longer engage on properties they deemed overpriced.Buyer interest late in a campaign was also a reason, he noted, with properties converted to private treaty to give interested parties more time to get finances in order.
“You do have some vendors who enter into the market with aspirations and hopes of a top-of-the-market price, given what they’ve seen over the last two years,” he said.“They realise they’re staring down the barrel of a 10 per cent discount of what they were hoping for.”
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