Single bidder wins Croydon Park semi $150,000 below reserve
A Croydon Park two-bedroom semi sold for $1.3 million to the only bidder, falling $150,000 short of its $1.45 million reserve.
A woman from Greenacre bought the property on Brighton Avenue with the opening bid raised from her initial $1.25 million offer to $1.3 million. The agent persuaded her to increase her bid, saying the vendor preferred a sale to waiting in the current market.
The property has been held as an investment and last sold in 2009 for $520,000. The sale reflects weakening auction conditions: the agent said there would have been five or six bidders a year ago.
With interest rates and rising costs affecting buyers, many are seeking properties below their price guides. Sydney had 576 auctions scheduled for the week, with similar patterns elsewhere.
- $1.3 million
- Sale price
- $150,000
- Below reserve
- $520,000
- 2009 sale price
- 576 in Sydney
- Auctions that week
Why it mattersSydney's property market is softening, with fewer bidders and properties selling below reserve as interest rates and cost of living put pressure on buyers.
AustraliaSydney property vendors are accepting lower prices and fewer competing bids as the local real estate market cools under mortgage and cost-of-living pressure.
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