Already a subscriber?Clearance rates have dropped to their lowest levels since the Easter long weekend in a sign that higher-for-longer interest rates are making buyers reconsider their options.
The weakening clearance rates indicated that Sydney and Melbourne buyers have become more cautious afterthis year, SQM Research managing director Louis Christopher said. The property had been owned by Killara Golf Club for 125 years, and served as a residence for the golf club’s head greenkeeper for many years, a tradition among many older golf clubs in Australia. But it was put up for sale to clear the club’s debt and fund renovations on its golf courses.The starting bid for the Killara home of $3.6 million had blown 19 out of 23 registered bidders out of the water, resulting in only four bidders raising their paddles. The eventual winner was a buyer’s agent.
Source: Loan Digest (loandigest.net)
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