Properties passed in at auction before selling on Saturday as interest rate jitters hit the market.
It sold midway between the asking price range of $1.5 million to $1.58 million, on the first weekend since interest rates wereAuctioneer Jayson Watts in action. The home received just two bids before passing in and later selling.Nelson Alexander Flemington partner and auctioneer Jayson Watts said while the interest rate rises had sent jitters through the market, buyers had been expecting rates to go up, and were still willing to make an offer.
“Buyers definitely prefer to buy something where the work is already done,” Watts said. “There’s a really big appetite for renovated homes, or newly-built homes, where they don’t have to do any work.” The auction opened with a vendor bid at the $3.5 million reserve price, which was followed by strong bidding, said Kay & Burton Flinders selling agent Ruth Williams.
O’Brien Real Estate Chelsea selling agent Kimberley Ferguson said more buyers had been holding back as the market changed.
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