Putting a property up for auction is always a bit of a gamble but, until recently, the odds of making a sale were heavily in favour of vendors. Judging by the number of properties now passing in after little or no bidding — and the sky-high price expectations revealed during later negotiations — many vendors are struggling to come to grips with just how much the game has changed.
About one in three vendors are not making a sale on auction day.
The number of properties passing in on vendor bids has also doubled since Anzac Day — which is when the market is generally agreed to have “turned” — with about 20 per cent of all auctions now ending this way.