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“We buy first and then sell, which is a bit stressful in a falling market, but it worked out well,” he said. “It’s great to give our house over to another family with kids.” Four of the five registered bidders competed for the house, but needed a few pushes to start bidding. Credit: Peter Rae Sales agent William Pereira, from Adrian William, had been expecting seven buyers, but two came out at the last minute, deciding to watch the auction from the sidelines. Pereira said news of rising interest rates and falling prices had made buyers a little more cautious in their approach, but noted there was still good buyer demand. White predicts it will be his strongest auction of the day, with only one or two bidders expected at the other three auctions he calls on Saturday. “It’s great to have such a strong offering … that’s rare nowadays,” he said. While rising interest rates put downward pressure on prices, as it affects buyers’ borrowing...

“Buyers are really waiting to see who else might be out there and what they have to offer,” Saad said. “They thought that delaying might give them a little more power in the negotiations afterwards.” The house in Melbourne’s west is one of 630 auctions scheduled across the city on Saturday. In the evening, Domain Groups recorded an initial clearance rate of 55.0 percent of the 451 reported results, while 68 auctions were cancelled. Drawn auctions are counted as unsold properties when calculating clearance levels. The Maidstone House isn’t the only one passing by and selling later on the weekend. A three-bedroom terrace at 108 Roseberry Street, Ascot Vale passed, then sold for $1.2 million in reserve after auction. Nelson Alexander Ascot Vale sales agent Josh Calendar said two bidders were competing and one made a strong bid while the other tried to slow down the process by making a $1000 bid. The property made a bid of $1.18 million, before quick ...