“We’ve also had so many distractions in our market with the election, then rising interest rates and the war in Ukraine, and then the cost of living in general.”
Patterson predicted a quiet winter.
“This year, more than ever, a lot of people are traveling overseas, so I think we’ll find a moderate market. But because there is a lack of properties, this should maintain the values. Many people focus on selling in September.
At 503/69 Victoria Street, Fitzroy, a stylish two-bedroom split-level apartment with city views fetched $1.01 million under the hammer, some $90,000 more than reserve.
Sales agent Scott McElroy, of Belle Property Carlton, said an online bidder in country Victoria battled a local buyer at an auction which turned out to be the right stock giving always good results.
“Saturday I expected stability more than anything, because we had a messy election and then there was talk of interest rate hikes, and I think a lot of people got it. used as an excuse not to make a decision,” McElroy said.
“But we saw a rebound in the survey on Saturday. I think over the next four weeks we will see where we are in the market.
Sydney saw a slightly more moderate preliminary clearance rate of 62.8% and a median home sale price of $1.74 million.
Auctioneer Stu Benson, of Benson Auctions, said that despite strong results, many buyers continued to be spooked by expectations of rising interest rates.
“But I haven’t seen such reasonable reserves in the past two years…so my real practical advice to buyers now is that this kind of lull doesn’t happen often, so take advantage of it,” he said.
Of the 12 auctions Benson had scheduled for Saturday, he said eight had taken place, two previously sold and six had been snatched up under the hammer, including a four-bedroom brick house at 10 Wildrose Street, Kellyville, which drew a large crowd with almost “150 people spitting in the street”.
“We had an indicative price of around $1.9-2 million throughout the campaign, and we had seven registered bidders, but ended up with eight after a lady in the crowd shouted an offer. … It was totally an impulse. She didn’t end up buying it, but crowd-wise it was awesome. It sold for $2.233 million,” Benson said.
A two-bedroom “time capsule” at 7/22 Alexander Street, Coogee has raised $1.261 million – $161,000 on reserve.
“For a lot of people this house needed too much work, but it’s in a location off of Coogee Beach and none of the apartments in this area have parking, so this one was rare,” said sales agent Cristian De Nigris, of Ray White Eastern. Beaches, said.
“It was a bit of a time capsule, that one. We had four active bidders and they were almost entirely first-time home buyers. Bidding started at $1.1 million, which was the reserve, and that’s because it was a deceased estate.
“But I definitely find that buyers are more patient now and given that there is talk of a rate hike, a lot of people were quite reserved before the election. I find that now that the election is over, buyers are more eager to pull the trigger.
Brisbane’s clearance rate hit a lower 55%, down from 64% in the same period last year. A total of 44 homes sold for a median price of $1.225 million. A modern five-bed 6A Agar Street, Paddingtonsecuring the highest sale price at $4.2 million.
Across the Brisbane River, 2 Taylor Street, Balmoral raised $1.92 million after locals and a couple in the UK lifted their paddles.
“The seller was an investor living in Sydney who felt it was a good time to move on,” said Scott Bould of Ray White Bulimba.
“Earlier this month we were seeing buyers hitting the pause button to wait for the election results, but now it’s over, they’re out in force.
“Interest rate hikes are not affecting the market from what we see. There still seems to be a lot of confidence in our area and in the Brisbane market as a whole. »
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