By Michael Bleby | March 10, 2025
February's interest rate cut by the RBA has failed to translate improved buyer sentiment into a stronger real estate market in NSW, as the weekend's auction clearance rate ticked below 70 per cent for the second week in a row, reports The Australian Financial Review.
One of the hottest auctions over the weekend was in the Inner West Sydney suburb of Abbottsford, where a deceased estate on the market for the first time in 70 years sold for $5.4 million - $900,000 over reserve. Three developers and two owner-occupiers competed in the auction, with a local developer with access to funding and plans to build luxury duplexes taking home the keys.
The property at 6 Poolman Street was presented to the market by The Agency's Joe Kanaan, who told The Australian Financial Review the Februrary interest rate cut had not given owner-occupiers enough power to compete.
‘‘It hasn’t filtered through yet,’’ Mr Kanaan told The Australian Financial Review yesterday. ‘‘We might need one or two more cuts to spur things on.’’
Read the online story HERE.
