AUCTION action in capital cities picked up last week however, numbers fell across Newcastle and Lake Macquarie.
There were 17 auctions scheduled in the region in the week ending March 26, down from 29 the week previous.
Auctions in the region recorded a clearance rate of 76.9 per cent, according to CoreLogic.
Although auction numbers were down, results were still strong.
In Lake Macquarie, Spillane Property's Donna Spillane sold a four-bedroom, two-bathroom house near the waterfront at 19 Coal Point Road, Coal Point at auction on Friday.
Four registered bidders competed for the property before it sold under the hammer for $890,000.
Spillane Property selling agent Patrick Skinner said auction remains the best method of selling as buyers become more selective and cautious with their purchases.
"In the current market, buyers are cautious and they want value," Mr Skinner said.
"Properties are sitting there for longer and the average days on market has blown out to almost 60, compared with just under 30 in the heat of the market.
"Now it is more important than ever to create that urgency and create a deadline for buyers and create that competition between buyers because that is the only way you are going to find out what the market truly thinks of your property."
A property at 102 Dibbs Street, Adamstown sold to a local buyer for $80,000 above its reserve price during a timed online auction on Saturday with Movable's Jason Maxwell.
"We're having a lot of success with timed online auctions instead of doing physical auctions", Mr Maxwell said.
"That one was actually supposed to go to auction in two weeks' time but the benefit of a timed online auction is we can pull it back or push it out if we need to.
"We had two buyers that wanted to buy straightaway so we brought it forward."
The property had a reserve price of $820,000 and sold for $900,000.
"What I like about it is you can put bid online straightaway and the vendors can decide whether they bring the auction forward and sell to you," he added.
"This market is changing and it is the buyers that are determining the price, not the agents or the vendors."
The agent said the property's block size of 803 square metres and its position next to the Fernleigh Track made it popular with buyers.
"It has an old home that's really rundown on it but it had plenty of potential because of its 803 square meters so the buyers will either renovate the house or consider knocking the house down and developing the site," he said.
Elsewhere around the region, Belle Property's Anthony Di Nardo scored a new record for a sale in Valentine Gardens estate when two registered bidders competed for 2 Cedrus Close, Valentine.
The property sold for $1,975,000.
The sale topped the estate's previous record of $1.51 million paid in November for a five-bedroom, two-bathroom home at 14 The Park Chase.
Properties selling prior to auction is a trend that continues in the wake of rising interest rates as fewer buyers flood the market.
Last Monday, a four-bedroom home at 7 Gilsmere Street, Jewells sold prior to auction for $884,000 with Ray White's Ty Zink. It last sold in September 2020 for $630,000.
In New Lambton, a three-bedroom home at 115 Victoria Street sold prior to its scheduled April 1 auction for $1.1 million on Friday with Crawford Real Estate's Phil Swan.
A renovated three-bedroom home in a sought-after pocket in Hamilton South at 45 National Park Street sold prior to auction for $2.3 million with First National Newcastle City on Wednesday.
First Nation's Joe Olsen said the property was snapped up by an eager buyer whose offer came in higher than other interested parties.
"We found a person who wanted to buy it and they sat above where everyone else was thinking in terms of price so the owner said, 'Let's grab this buyer now' and sell prior," Mr Olsen said.
"Every situation is different.
"In a hot market, owners are willing to let it go all the way to auction but that's because there were a few buyers of each property back when the market was strong.
"Generally, they're fighting over it and driving the price higher but the market we're in now, it's typically rare to have more than two buyers fighting for a property."
Mr Olsen said it comes down to price, too.
"Again, it's going to be different in different price ranges," he said.
"When you start talking above $1.2 million to $1.3 million, it's a bit tougher at the moment whereas that range of $600,000 to $1.2 million, there are still plenty of buyers out there."
