Sydney auction clearance falls to 53% as vendors cut reserves
A couple paid $1,825,000 for a three-bedroom Erskineville house hours before their wedding, as the Sydney market softened.
An engaged couple closed on a three-bedroom Erskineville house at auction the day before their wedding, paying $1,825,000 after vendors cut their reserve by $25,000. The home at 33 Eve Street had a private courtyard, loft bedroom, and skylights.
Two couples registered to bid, both looking to upsize. Bidding opened at $1.7 million and climbed to $1.75 million before the top bidders, the couple marrying the next day, increased their own bid by $75,000.
The vendor then adjusted their reserve down from $1.85 million. Sydney's auction clearance rate hit a preliminary 53 per cent across 307 reported sales last week, with 87 auctions withdrawn.
The low volume and soft clearance follow the Reserve Bank's decision to lift interest rates to 4.6 per cent.
- 53 per cent
- Clearance rate
- 307
- Reported sales
- 87
- Auctions withdrawn
- 4.6 per cent
- Interest rate
Why it mattersSydney's property market is slowing after the rate rise, forcing vendors to cut reserves and bid expectations down.
AustraliaAustralian property buyers are seeing softer conditions and lower final prices in major city auctions as interest rates bite.
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