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.
READ MORE: Two Aussie homeowners will take Bitcoin as payment for their properties
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.
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 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.
READ MORE: Vendors pause for public holidays, sparking three-month auction low
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.
