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The Guardian - AU

National

Luca Ittimani

Economic stress scares off Australian homebuyers as auction clearances fall

Australia David McMahon Ray White Sydney Melbourne Cotality Domain

auction — Auction rates have fallen to 51% and 55% in Sydney and Melbourne respectively. Photograph: Dan Himbrechts/AAP

Victor Baralos knows the power of an auction. He bid against 25 others to buy his home in Sydney’s inner west for $200,000 over the reserve in 2012, when nearly half the auctions in Australia were failing.

Yet Baralos sold on Monday, just a week after listing his home, with three weeks left of his auction campaign.

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