Why it’s harder to buy a home at auction than it looks this spring
- realestateprotips
- Sep 21, 2022
- 1 min read
Competition at auctions has been on the decline as the property market weakens, but new figures show that appears to be changing.
Bidder numbers at auctions are stabilising, and even rising in some markets, as buyers and sellers adjust to the cooler market and interest rate rises. The modest supply of homes for sale is leaving buyers with fewer options.
Bidder numbers at Sydney auctions are the highest they have been since interest rates started to rise, said Ray White chief economist Nerida Conisbee. Sydney auctions drew 2.6 active bidders and 4.1 registered bidders on average last week, Ray White data shows, up from a “diabolical low” of 1.4 active bidders in early June.
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