“Home sellers can’t enter this spring selling season with the arrogance of last spring,” auctioneers say as the spring auction season kicks off.
On the first big mid-week auction on Tuesday night at Domain Auction House in Sydney’s eastern suburbs, only 53 per cent of the 13 auctions sold, with four selling prior to auction and three snapped up on the night.
While the results were unusually lower than the winter average in Sydney of about 70 per cent, it showed the market this year was likely to bear little resemblance to that of last year, auctioneer Damien Cooley said.
“Vendors now need to be realistic about prices and what the market has been doing in the last three years,” Mr Cooley said.
“The big conversation I am having with owners is…if you are unrealistic, you’ll be on the market all spring.”
“We are moving into a balanced market.”
Chinese chopped in half, investors chopped in half, first home buyers that can’t afford a tent, hostile regulators, negative gearing on its last legs.