Auction results suggest buyers have more choice in an uncertain market

By
Kristy Johnson
September 26, 2022

Auction volumes across the combined capital cities this Saturday were expectedly low with the public holidays, due to the Queen’s death and the AFL Grand Final.

Domain’s latest data reveals that Brisbane’s clearance rate recorded the highest increase of the combined capitals this week, up 18 percentage points.

Overall, the higher clearance rates (across the combined capital cities) compared to winter, suggests that sellers are adjusting their price expectations to meet buyers.

It’s no doubt been an uncertain time in the property market with rising interest rates affecting how much future homeowners can loan from a bank.

A dual-level Brisbane home sold at its on-market value as sellers appear to be adjusting their expectations to meet buyers, amid an uncertain market.
In Brisbane, a four-bedroom home with a pool and wine cellar sold for $1,530,000 on Saturday. Photo: Place Estate Agents
A dual-level Brisbane home sold at its on-market value as sellers appear to be adjusting their expectations to meet buyers, amid an uncertain market.
The property at 39 Brisbane Avenue in Camp Hill sold for the same as its on-market value, hinting at its reserve price. Photo: Place Estate Agents

In early September, Australia’s interest rates hit a seven-year high. The Reserve Bank of Australia increased the cash rate for the fifth consecutive month, lifting the cash rate target by 50 basis points from 1.85 per cent to 2.35 per cent.

Last time Australia’s cash rate was higher was in December 2014, when it sat at 2.50.

This Saturday, homes still managed to sell under the hammer, but it appears that sellers have adjusted their expectations to meet buyers.

In Brisbane, a four-bedroom, two-bathroom home with a pool and wine cellar sold under the hammer for $1,530,000, the same as its on-market value, hinting at its reserve price.

A dual-level Brisbane home sold at its on-market value as sellers appear to be adjusting their expectations to meet buyers, amid an uncertain market.
Homes still managed to sell under the hammer, but it appears that sellers have adjusted their expectations to meet buyers. Photo: Place Estate Agents

The dual-level abode at 39 Brisbane Avenue in Camp Hill is the perfect family home with manicured gardens, a chef’s kitchen, open-plan layout and spacious terrace.

Interiors are modern with polished timber floorboards, whitewashed walls, marble detail and chandeliers.

Also in Brisbane, a property at 2 Rees Street in Kelvin Grove sold under the hammer for $1.9 million, the same at its on-market value.

The latest auction results suggest that sellers are adjusting their price expectations to meet buyers.
Over at 2 Rees Street in Kelvin Grove, Brisbane, the property sold for $1.9 million, the same as its on-market value. Photo: Place Newmarket
The latest auction results suggest that sellers are adjusting their price expectations to meet buyers.
Standout features of the property are the pool and sandstone patio. Photo: Place Newmarket

The four-bedroom, two-bathroom Queenslander offers homely charm with period details such as stained glass windows, fretwork and timber floorboards.

Standout features of the property are the pool and sandstone patio, as well as the landscaped gardens.

Sydney was an exception, however, with an 1890s tri-level entertainer’s home in Glebe selling for $3.875 million, $375,000 over its reserve price.

Sellers appear to be adjusting their price expectations to meet buyers, amid an uncertain market.
Meanwhile, an 1890s tri-level entertainer’s home in Sydney’s Glebe sold for $3.875 million, $375k over its reserve. Photo: Ray White
Sellers appear to be adjusting their price expectations to meet buyers, amid an uncertain market.
The property at 24 Lombard Street underwent a stunning transformation. Photo: Ray White

Agent Matthew Carvalho from Ray White tells Nine that there were six registered bidders, with five actually bidding for the abode at 24 Lombard Street.

The four-bedroom, three-bathroom property is a sight to behold with its location boasting unobstructed views of the city and Blackwattle Bay.

Three of the four bedrooms all lead out to a balcony or patio, while a sandstone terrace is perfect for entertaining.

The home has undergone a chic transformation with polished blackbutt floors, a grand central staircase, an on-trend wraparound bookshelf by the grand piano, and wine cellar.

Sellers appear to be adjusting their price expectations to meet buyers, amid an uncertain market.
The four-bedroom, three-bathroom property boasts unobstructed city views. Photo: Ray White
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