Sydney buyers appear to be getting cold feet as mixed auction results on the weekend leave some uncertain bidders withdrawing at the last minute.
One positive result was recorded in the inner-west suburb of Dulwich Hill, where a four-bedroom, two bathroom terrace sold for $2.41m – $60k above reserve.
Located at 65 Windsor Rd in Dulwich Hill, the auction initially had seven registered bidders.
Two bidders pulled out at the last minute, presumably due to cold feet.
According to Adrian William agent William Pereira, the three active bidders still managed to battle their way to a good result in front of a strong crowd.
“The property sold to a local family who, like their competitors, wanted to upsize,” Mr Pereira said.
“It was a really strong campaign for us with 162 groups walking through the property, a majority of which were local upsizers looking for their dream home.”
Many of the groups who walked through the home liked its period charm mixed with renovated interiors.
The tightly held residence included features such as original decorative ceilings, original fireplaces, a separate studio and a flexible-use loft.
Mr Pereira said that the owners were flexible in setting their original reserve price at a lower level, which enticed bidders to increase their bids at the auction.
“The fact that they were willing to have that conversation and be flexible with the reserve price ultimately helped push this property over the line,” Mr Pereira said.
“Dulwich Hill is renowned for growing families … a lot of buyers are eventually going to outgrow the terrace sizes, so there’s a strong desire to buy double blocks.”
While the Dulwich Hill property saw success at auction, other properties didn’t fare as well over the weekend.
The five-bedroom, three bathroom home at 12 Saitama Rd in North Kellyville was a vibrant family home with a designer aesthetic appealing to growing families.
It passed in at auction with no bids, a result which agent Sunny Gandhi chalked up to market conditions.
“It was too close to the interest rate rise which is making buyers nervous,” Mr Gandhi said.
Elsewhere the home at 32 Prince Edward Circle passed in on a vendor’s bid of $2.8m with two registered bidders.
The results were not surprising for auctioneer Clarence White, who said it was common for buyers to be in two-minds about buying a property in current conditions.
“The sad reality is that buyers should absolutely get into the market right now, its still a great time to buy a home,” Mr White said.
“There’s been reasonably confident bidding, particularly in the past few weeks. Buyers need to be even more confident and escape the cycle of fear which tells them its too difficult to get into the market.”
“My advice for buyers is to factor in what happens next. If you’re smart, you can plan ahead by buying now and shifting the price you are willing to pay to match where the market is.”
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