The $50k auction surprise that defied Australia’s property market slowdown

Four bidders fought it out at the auction of a neat Sydney house last weekend, driving the final sale price at least $50,000 higher than what the selling agent expected at a time when prices are widely declining. In front of a crowd of 70, the three-bedroom house at 11 Thompson Street, Wetherill Park sold under the hammer for $1.2925 million on Saturday. Across Australia, there were 1,090 properties scheduled for auction last week, recording a preliminary national clearance of 45.1%, according to PropTrack. The three-bedroom house at 11 Thompson Street, Wetherill Park sold for $1.2925 million. Picture: realestate.com.au/soldThe Reserve Bank’s interest rate hikes this year and the federal budget tax changes for property investors have been cooling down auction conditions and the wider property market. The property: The three-bedroom, one-bathroom house at 11 Thompson Street, Wetherill Park sold at auction for $1.2925 million on Saturday 1 August. The single-level, brick house was being offered for sale for the first time, with enough space to put a granny flat in the backyard. Suburb snapshot: Wetherill Park is situated in Sydney’s western suburbs, located about 34 kilometres from t...