SYDNEY: Just a short stroll from Sydney’s famous Bondi Beach, auctioneer Clarence White struggles to drum up bids for an airy three-storey home that boasts five bedrooms and an al fresco lounge – price tag, A$5.2mil.

“We know everyone’s cagey at the moment, but that’s okay. All power to those who are registered and those who take action,” the veteran auctioneer tells a small group of prospective buyers and onlookers, none of whom bids.