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Pre-auction sales are on the rise as home seekers grow fearful of blowing budget under the hammer



Baby Scorpions and Koala Joey

Upsizer Ebony Halangahu, with dogs Huckleberry and Hershey, has been reluctant to go to auctions because of the pressure. Picture: Tim Hunter

Nervous home seekers are doing “whatever it takes” to snap up properties before they go to auction, fearing they will be forced to pay too much if the home goes under the hammer.

A CoreLogic review of auction sales this year showed the proportion of homes selling before their scheduled auction has risen from 30 per cent in January to about 47 per cent at the start of April.

Housing experts explained auctions have become a growing source of anxiety for property hunters and many made pre-auction offers because they didn’t trust themselves to stick to a budget in the high pressure conditions…

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