Commercial borrowing costs have soared since the Reserve Bank started raising rates last year and this may be driving the unseasonal pick-up in auctions.
is forcing buyers who are unable to keep up with borrowing costs to put their homes back on the market.
The three-bedroom house at 52 Northcote Street, East Brisbane, sold at auction for $1.47 million on Saturday. Sydney had the highest clearance rate at 74.9 per cent, down from a preliminary figure of 75.6 per cent a week earlier, with 564 scheduled auctions, well down on the previous week’s figure of 676.lack of vendor confidence, with the withdrawal rate rising to 12.7 per centThe NSW capital was still getting strong results, however. A six-bedroom house on 1333 square metres in the upper north shore’s Pymble sold for $4.33 million at auction on Saturday, $380,000 over reserve.
“Even though the house needs a little bit of updating, it’s really solidly constructed and buyers saw past that to the potential the home offered in the future,” Ms Limanis said of the 27 Renowden Street home.
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