At the height of the pandemic-driven property boom, the majority of homes were selling under the hammer for well above reserves, as buyers fought it out for the limited stock on the market.
“Clearance rates are definitely showing we’re edging into a normal or more even playing ground when you pair that with an influx of listings. The market is normalising from those crazy conditions of last year,” Dr Powell said. “Fear of missing out has left the market,” Mr Cooley said. “Buyers are a bit more measured in the way they bid … and are surprised by what they’re getting it for. They’re paying less for it [than they expected].”
“There is a trend towards returning to a more normal marketplace,” he said, but added that sellers were still fetching prices that were higher than a year ago.
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