Adelaide auction buyers change strategy as market cools

Adelaide buyers are changing their strategy when it comes to auctions, one real estate agent says, as the market transitions from the feeding frenzy of covid to a period of more moderate value growth. Ray White Glenelg’s Adam Keane said while buyers were throwing offers at agents during the peak of the Covid boom in order to prevent a runaway auction pricing them out of the property, with plunging auction clearance rates and longer times on market, now buyers were more than happy to let a property go to auction as they felt they had a greater chance of buying it for a lower price. Adam Keane of Ray White Glenelg. “Offers prior to auction are less common at the moment,” he said. “What we’re really noticing from our perspective is a lot of buyers are looking at the opportunity to go to auction for that transparency. “They know they’re not competing with as many people as they were, say, 6 or 12 months ago, so they’re quite happy to go auction and to then negotiate on the day and they can do a lot more, whereas pre-auction you’re getting putting offers in behind closed doors. “With your best offers, people are very hesitant to put offers in if they’re under no pressure to purchase, wh...