PHOTO: Almost 30 per cent of properties were withdrawn in the three months ending in December, according to Domain data. Photo: Peter Rae
Cautious Sydney property sellers and real estate agents have been withdrawing properties scheduled for auction at a rate not seen in a decade, new data shows.
An average of 17 per cent of Sydney properties have been withdrawn prior to auction over the past two years, a rate that increased to almost one-third in the three months ending last December.
In what experts and agents say is a reflection of the trepidation that has gripped the city’s property market, up to 40 per cent of properties were withdrawn before auction in some parts of the city, Domain data shows.
The most recent data shows a slight retreat on such numbers, but still reflects the caution with which many are treating property, despite encouragement from last month’s federal election result.
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