An interesting series of events noticed from the front line over the past few weeks.
I am noticing (and so are the selling agents), reasonable numbers attending the auctions and some either registering or not registering to “wait & see” what happens. It is also apparent in a few cases that the expectation was 5x registered bidders to end up with 3x registered/2x not registering and only 1 of them bidding.
It goes to show that the market is softening and buyers behaviour is to act with extreme caution.
Make no mistake that the Inner West of Sydney has always performed well in soft markets including the GFC in 2008. So if there is a good property out there, chances are, it will still attract a lot of interest as there are still plenty of buyers around and low levels of new stock.
Easter is fast approaching at the end of this month so it will be interesting to see the impact on the market leading up to the holiday break.