At our auctions on the weekend (Sat 19 June) our team was successful selling 6 from 7 (86%), this in spite of the drop in enquiries and open home attendees and the buyers talking about a correction in the marketplace.

While we agree there is a slowdown in inspections, our sense is that it is more about the heat leaving the market rather than prices dropping. At our auctions in April and May we were seeing sales well above reserve (between $80,000 and $160,000). So instead of buyer’s needing to aggressively compete to buy and pay well above reserve, perhaps the chance to buy at market value or close to reserve may currently exist.

Sat 19 June Auctions

• 10 Challis Ave Turramurra – Sold at auction
• 18 Wongalee Ave Wahroonga – Sold before auction
• 44 Kokoda Ave Wahroonga – Sold at auction
• 71 Sydney Rd Hornsby Heights – Sold before auction
• 26 Ridge St Gordon – Passed in
• 83 Kulgoa Rd Pymble – Sold before auction
• 22 Eden Ave Turramurra – Sold at auction

Each quarter we prepare a very detailed and localised Market Update Report (MUR), with commentary on the marketplace. If you would like to be kept up todate with what is happening around you, please email me  - petersutton@rwt.com.au.