‘Most challenging market in 30 years’: Inner west vendors cut reserve to sell waterfront home

Key points

• A downsizing buyer paid $2.35 million for a three-bedroom Abbotsford apartment at auction on Saturday. The owners cut their reserve to sell, after bidding stalled at $2.32 million.
• Sydney's preliminary auction clearance rate fell to 46 per cent, with 176 auctions withdrawn. In Erskineville, a first home buyer paid $1.58 million for a renovated terrace after the vendor cut its price.
• In Castle Hill, a family home sold for $2,525,000, $350,000 below its last sale price.