Sydney apartment passes in at auction, sells below reserve after negotiation
A Wollstonecraft apartment sold post-auction for $1.197 million below reserve. This reveals how buyers delay bidding to gain negotiating power.
A two-bedroom apartment in Wollstonecraft passed in at auction when only one bidder registered. The apartment sold post-auction for $1.197 million after an hour of negotiations.
The reserve was $1.21 million. Post-auction sales are becoming more common in Sydney's soft market.
The property last sold for $622,000 in 2013. Sydney's clearance rate this week hit 49 per cent.
A total of 222 auctions were withdrawn. Real estate agents say buyers deliberately wait for post-auction negotiations to avoid feeling pressured.
Why it mattersVendors accept lower prices to secure sales in a soft market. Buyers delay bids to feel less auction pressure.
AustraliaSydney property market weakness means first-home buyers now have more negotiating power, though pass-ins remain common across the city.
