We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later.
Add articles to your saved list and come back to them any time.
A tired Wollstonecraft unit has sold for $1,415,000 to first home buyers who had help from the bank of mum and dad.
Eleven buyers – mostly first-timers flanked by their parents – registered to bid on 5/10 Hazelbank Road at auction on Saturday.
The auction was quick to start at $1.1 million and bidding rose fast as three buyers competed, quickly passing the $1.15 million price guide.
The two-bedroom unit sold in less than 10 minutes to a first home buyer couple from the suburb. The reserve was $1.25 million.
Jan Benson, one of the parents of the successful buyers, said their property search was an extremely stressful process because of the limited number of homes for sale.
“There’s virtually nothing on the market. So, when something decent comes up, it’s going to be swamped. You know the price is going to be pushed up, elevated far more than it’s worth,” Benson said. “But that is living in Sydney. And that’s the price you pay. ”
Eleven buyers – mostly first-timers with their parents, as well as upgraders – registered to bid on the unit.Credit: Rhett Wyman
“It’s gut-wrenching, it’s appalling, but it is what it is. So, you either accept it, suck it up and move on, or move out of Sydney.”
Benson said it was painful to see how difficult it was for young people to try to enter the property market, and acknowledged it was virtually impossible for those without help from the bank of mum and dad.
“I’m just really happy that we can help them … that we can ensure that they have property security because when we grew up, we didn’t have that. So, it’s paying it forward.”
The happy buyers moments after one of their parents placed the winning bid.Credit: Rhett Wyman
Selling agent Brad Cole of Northside Realtors said there were multiple first home buyers with financial help from their parents at the auction, and it was becoming more common.
Demand for apartments was also increasing, he added, due to the large price gap between units and houses.
Records show the home last sold for $350,000 in 1999.
It was one of 811 Sydney homes scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 66.9 per cent from 534 reported results, while 115 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Woollahra, the four-bedroom home of legendary Olympian swimmer Ian Thorpe was passed in on a vendor’s bid of $3.9 million.
The Woollahra home of Ian Thorpe was passed in at auction on a vendor bid. Credit: Domain
The home had a price guide of $3.7 million and drew one single registered buyer, who refrained from bidding.
Lead selling agent Courtney Wong of Black Diamondz Property Concierge said he was in negotiations with the buyer on Saturday afternoon.
The home was purchased by Thorpe in 2017 for $2.75 million.
In Greenwich, expats bought a circa 1915 house at 1 Lansdowne Street for $4.64 million.
Bidding on the five-bedroom home on more than 1000 square metres of land started at the $3.9 million price guide.
Four of the six registered parties took part, pushing the price well above the $4.3 million reserve.
The property sold through Belle Property Lane Cove principal James Bennett and last traded for $456,000 in 1988.
In Chatswood, last-minute buyers purchased a house for $3.51 million, shortly after inspecting the property for the very first time.
They were among four young families that registered to bid on 56 Eddy Road, which made the sellers – pandemic era-investors – a paper profit of $871,000 in less than three years.
The four-bedroom house last sold for $2,639,000 in October 2020, records show.
The auction opened bang on the $3 million price guide and bidding climbed in $100,000 increments to start, quickly passing the $3.45 million reserve price, as two buyers made offers.
The home is on a 835-square-metre block.
A Lane Cove family who inspected the home for the first time on Saturday placed the winning bid, said Ray White Upper North Shore’s Jessica Cao. They plan to rebuild on the 835-square-metre block.
“They saw it last night online and asked for a contract at 9pm. They always liked the area and thought they were priced out,” Cao said, noting that they had been house hunting for the past four months.
She said the sellers were a group of family members who invested in the property and wanted to offload it to buy their own homes separately.
While the sellers did well for themselves, Cao said buyers were becoming pickier as more homes were listed for sale.
“This market is very different from three months ago, there is more supply in the market, buyers are not as committed … [and] there are properties not selling at auction. I lost a few buyers [today] because they saw more properties and wanted to keep looking.”
In North Epping, a four-bedroom house at 25 Holland Street sold for $2.67 million to a couple upgrading from a Neutral Bay unit.
The home, which was guided at $2.3 million, drew nine registered bidders – all owner occupiers hoping to upgrade. The bidding started at $2.1 million and offers from four buyers pushed the price passed the $2.5 million reserve.
The Agency North’s Catherine Murphy said market confidence was improving as interest rates remained steady.
“A lot of people perceive rate rises are coming to an end so the vibe out there is quite positive,” Murphy said.
“There will be more properties coming to the market. That’s an advantage for buyers. But for sellers it has also given them confidence to hit the push button [to list].”
The home last sold for $208,000 in 1991.
Copyright © 2023