Sydney auction market hits eight-year low

Sydney's property auction market is experiencing a significant downturn, with almost half of homes listed for auction being withdrawn before sale day. A Woollahra property sold for $4.25 million with only three active bidders, highlighting the reduced competition in what was traditionally a highly competitive market. The slowdown is attributed to higher interest rates, investor tax changes, and the war in Iran, with auctioneers facing their toughest conditions in eight years as buyers exercise caution and sellers withdraw listings.See omnystudio.com/listener for privacy information.