‘Reality check’: Recent rate rise hits Sydney auctions

Century 21 Agent Aaron Vlachos and Auctioneer Ben Hanly at an auction in Coogee that passed in on Saturday morning. Picture: Sarah Wilson Even ocean views couldn’t lure buyers across the line on Saturday morning, with a two bedroom Coogee unit passing in at auction below $2m, as the latest interest rate rise takes a further toll on buyer confidence. Perched upon a sought-after street overlooking Gordon’s Bay, 3/22 Battery Street saw three registered bidders and two active in the competition to call it home. It was both a slow start to bidding and rivalry between the two active parties that passed in at a final $1.95m, below the hopeful starting price of $2m and price guide of $2.3m to $2.5m. With reluctance from both active bidders, the competition saw multiple $5,000 rises. Auctioneer Ben Hanly of Century 21 spotlit interest rate rises weighing on buyers for the unit’s bids and result. “I think the hesitancy would be the latest interest rate rise that we’ve just had, chat about another one potentially occurring before the year is out and then maybe even before we start to get interest rate cuts, potentially another one again next year,” he said. Auctioneer Ben Hanly at 3/22 Batter...