Hammer Falls on Home Auctions in Australia as Market Stalls
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A year ago, when Sydney property agent Peter Green’s clients decided to sell, half opted for auctions, betting competition among buyers would deliver them the best price. Today, less than one in five take that chance.
“The vendors don’t want to embark on the potential of failure,” said Green, 55, principal at property broker Laing+Simmons in Miranda, a suburb 25 kilometers (16 miles) south of Sydney’s center. “In the last three months, the number of people visiting open houses has been cut by half. And buyers may show up to auctions, but they don’t bid.”