An auction of Australia’s luxury homes receives a lukewarm response

The Sydney Opera House recently witnessed an auction of Australia’s luxury homes. The auction could manage to raise just $4.1 million, which is much less than the total value (approximately $30 million) of the properties that were put on sale. This has happened just a week after the borrowing interests went up. A total of 11 homes were put up for auction, out of which only 2 were sold.

Chairman Brian White of the Ray White Group that held the auction said: “We’ve been a little bit crash-tackled by the interest rate increase last week. The Reserve Bank seemed to give the indication that they were keen to keep the lid on prices, and that’s not what buyers want to hear. That’s a very bearish sentiment.” He also added that they had hoped to sell at least 5 of the 11 houses at the auction. But apparently he is in talks with potential sellers to sell three more houses.

The properties included 10 homes in New South Wales, out of which five are in Sydney. The price of the houses range between A$2 million and A$10 million each. One of the properties was sold for A$2.55 million and is a river-front development in Birdwood near Sydney and the other one is a A$1.56 million country home in Mittagong, located in the Southern Highlands of New South Wales.

Via: Bloomberg

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