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Tag: sellers

  • ‘Still living in the boom’: Stubborn sellers trigger auction bloodbath as buyers walk away | …

    ‘Still living in the boom’: Stubborn sellers trigger auction bloodbath as buyers walk away | …

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    Inspectors monitor auctions as reserve price law kicks in

    Victoria’s consumer protection agency has launched a blitz on property auctions, with inspectors attending more than 40 over the weekend to monitor compliance with the state’s new law requiring sellers to disclose their reserve prices before auctions.

    Victoria is the first jurisdiction to introduce such a law, spurred by public frustration about underquoting – a strategy used by real estate agents to promote a home at a price below the seller’s expectations in a bid to drum up interest at auctions.

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    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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  • Property sellers are flooding the market but buyers aren’t biting | Housing market warning sign…

    Property sellers are flooding the market but buyers aren’t biting | Housing market warning sign…

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    Property sellers are flooding the market but buyers aren’t biting

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    Is the booming housing market party winding down? If the recent falls in auction clearance rates are an early indication, the answer is yes.

    We are a long way from calling this a buyers’ market, but a sharp deterioration in clearance rates – the percentage of properties that go to auction that are sold – is an early signal that over the past couple of weeks, buyers have developed the yips.

    In the past two weeks, clearance rates have significantly weakened and in the major markets of Sydney and Melbourne, prices are struggling to move up.

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    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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