Cautious buyers drag down Sydney auction clearance rate
Nila SweeneyReporter
A three-bedroom house in Sydney’s lower north shore and a four-bedroom house in the city’s west beat their auction reserves by $100,000 over the weekend, but these relatively strong results are becoming the exceptions, not the norm, property experts say.
Thomas McGlynn, chief executive of real estate agency BresicWhitney, said the prospect of interest rates staying high has spooked many buyers, making them less likely to spend above their budgets.
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