“We’ve also had so many distractions in our market with the elections, then the interest rate hikes and the war in Ukraine, and then the cost of living in general.”
Patterson predicted a quiet winter.
“This year, more than ever, a lot of people travel abroad, so I think we will find a moderate market. But because there is a lack of properties, you should keep the values. A lot of people are focusing on selling in September.”
At 503/69 Victoria Street, Fitzroy, a stylish two-bedroom split-level apartment with city views sold for $1.01 million under the hammer, about $90,000 above the reserve.
Sales agent Scott McElroy of Belle Property Carlton said an online bidder from the Victorian country fought a local buyer in an auction that proved good deeds still pay off.
“On Saturday I was expecting stability more than anything, because we had a messy election and then there was talk of interest rate hikes, and I think a lot of people used that as an excuse not to make a decision,” McElroy said.
“But we saw a rebound in the investigation on Saturday. I think in the next four weeks we will see where we are in the market.”
Sydney saw a slightly more moderate preliminary settlement rate of 62.8 percent and a median home sales price of $1.74 million.
Auctioneer Stu Benson of Benson Auctions said that despite some excellent results, many buyers remained spooked by predictions that interest rates would rise.
“But I haven’t seen such reasonable bookings in the last two years… so my genuine and honest advice to buyers now is that these kind of lulls don’t happen often, so take advantage of them,” he said. she said.
Of the 12 auctions Benson had scheduled for Saturday, he said eight took place, two sold early and six went under the hammer, including a four-bedroom brick house at 10 Wildrose Street, Kellyville, which attracted a huge crowd with almost “150 people vomiting in the street”.
“We had a guide price of about $1.9 to $2 million for the entire campaign, and we had seven registered bidders, but ended up with eight after a woman in the crowd yelled out an offer… It was totally a push. She didn’t end up buying it, but in terms of the crowd it was great. It sold for $2.233 million,” Benson said.
A two-bedroom ‘time capsule’ at 7/22 Alexander Street, Coogee brought in $1.261 million, $161,000 over booking.
“For a lot of people, this house needed too much work, but it’s a lot back from Coogee Beach and none of the apartments in that area have parking, so this one was weird,” said Ray White listing agent Cristian De Nigris. Eastern. Beaches, he said.
“That was a bit like a time capsule. We had four active bidders and they were almost all first-time homebuyers. The bidding started at $1.1 million, which was the reserve, and that’s because it was a deceased estate.
“But I’m definitely finding that buyers are more patient now and when you talk about a rate increase, a lot of people were pretty tight-lipped before the election. I realize that now that the election is over, buyers are more willing to pull the trigger.”
Brisbane’s settlement rate hit a lower 55 per cent, compared to 64 per cent in the same period last year. A total of 44 homes sold for a median home price of $1.225 million. A modern five-bedroom flat at 6A Agars Street, Paddington, which secured a top selling price of $4.2 million.
Across the Brisbane River, 2 Taylor St, Balmoral raised $1.92 million after locals and a UK couple raised their oars.
“The seller was an investor living in Sydney and felt the time was right to move on,” said Scott Bould of Ray White Bulimba.
“Earlier in the month we saw shoppers hitting the pause button to wait for the election results, but now it’s over, they’re in place.
“The rises in interest rates are not affecting the market from what we are seeing. There still seems to be a lot of confidence in our area and in the Brisbane market in general.”