Sydney property prices: Home buyers drop off on worries of another rate rise

Already a subscriber?Two three-bedroom houses in Sydney were sold for at least $160,000 more than their auction reserve price at the weekend, but agents warn such results will prove harder to find – as buyers get more cautious amid talk of further interest rate rises.

“It’s pretty tough out there. A lot of buyers are dropping off and there are more non-committed buyers right now.”board meetings ramped up last week after a key measure of annual inflation rose unexpectedly to 4 per cent in May.Thomas McGlynn, chief executive of Sydney-based real estate agency BresicWhitney, said the average number of bidders at the firm’s auctions had also dropped in the past two weeks.

A three-bedroom house at 27 Scott Street, Belfield, located 13 kilometres south-west of Sydney’s CBD, was sold for $1.74 million, which was $174,000 over the reserve.lower north shore, also bucked the trend and was sold for $2,911,000 under the hammer, $161,000 more than the reserve.

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