Fierce bidding drives surprise Sydney auction results despite interest rate rises and downturn

Sydney’s auction market is delivering surprising results despite rising interest rates and project property downturns. Picture: Sam Ruttyn Falling property prices are prompting anxiety for many homeowners but Sydney’s weekend auction market still delivered surprising results. The latest data from SQM Research reveal properties are sitting on the market for longer as Sydney home prices fall for the eighth consecutive month in realestate.com.au figures. Commonwealth Bank is projecting national property values will drop 14 per cent peak-to-trough by late 2027. This would mark Australia’s deepest property crash in 45 years. Meanwhile, Saturday auctions saw an Inner West home attract 14 bidders and a North Shore house sell for almost $2m in just five minutes. MORE: Derelict Syd unit sells $418k under suburb median INNER WEST – 14 bidders push home $400k over reserve 21 Holborow Street, Croydon, NSW sold for $2.1m on Saturday. Picture: Supplied An inner-west property attracted 14 registered bidders and sold $400,000 above the reserve in what could be the first signs of a shifting market. Ray White figures from last week found auctions attracted an average of only 1.5 bidders, down from 3...