The persistently low level of stock at auction and rising demand may have started to tilt the market in favour of sellers, according to CoreLogic.
Nearly 74 per cent of the homes taken to auction in Sydney sold at the weekend, a sharp rebound from the previous week and the second-best result this year, amid signs theTim Lawless, CoreLogic research director, said while it was too early to call it a recovery, theand rising demand may have started to tilt the market in favour of sellers.
In a sign of improving sellers’ confidence, the portion of homes withdrawn from auctions slumped to just 13 per cent, down from 28 per cent recorded in the middle of last year. A four-bedroom, two-bathroom house at 29 Coonawarra Drive, Vermont South, 20 kilometres east of the Melbourne CBD, was sold at auction for $1.706 million - which was $206,000 above the reserve.
The house sold for $3.63 million – $230,000 above the reserve – after competitive bidding among five buyers.
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