Homes are less likely to sell at auction amid a property market downturn, but many are finding buyers in the weeks that follow.
Sydney recorded an auction clearance rate of 50 per cent in June, Domain figures show. Four weeks later 62.2 per cent of the properties scheduled for auction that month had been sold, and by eight weeks later 67.2 per cent had traded. Hassan believes Sydney is about 40 per cent through its market downturn, and has forecast price declines of 18 per cent. Prices falls would likely continue until the cash rate stabilised, at an expected peak of 3.5 per cent early next year.Auctioneer Damien Cooley, of Cooley Auctions, said the key reasons properties passed in were a mismatch between buyer and seller expectations, or less desirable property traits.
The best chance of a post-auction sale was typically within two weeks, he noted. Interested buyers who thought the property may be beyond their budget would likely return. New buyers were also most likely to show interest in this time frame. “If there are other people there who are prepared to put their hand up, they will see social proof and feel comfortable to bid. However, if they don’t ... they’re far more likely to wait,” she said.
The pair received lower post-auction offers, but eventually sold for $1.71 million to a family interested in the local school catchment.Credit:Lennox, who sold to downsize, felt talk of rate hikes deterred interested parties. When her home passed in, she was relieved that she had not already bought elsewhere. Despite the stress of the process, she was pleased with the result.
2/2 tell agent you'll take it off market by day x make them work. You spent $ in marketing they think you won't. If they want you to take they'll get less. RENEGOTIATE COMMISSION and get it in writing. Agents don't care about vendors or buyers it's $$$
In this situation be warned most agents will pressure selllers to take a low offer. Their % of 200k less isn't much to them. They want it done as quick as possible for the least work. That's a key reason they prefer auctions, it's done on day. 1/2