Younger buyers who were hesitant to get their foot in the door and buy their first home are now sweeping weekend auction sales across inner-city suburbs.
Two separate properties sold to auction over the weekend were attended by and registered for young couples or first-home buyers looking for a good entry point into the market.
The two-bedroom, one bathroom property at 65 Rochford St sold under the hammer for $1.18m with a strong crowd watching on despite the dreary Sydney weather.
There were four registered bidders for the property, a mixture of young couples and first-home buyers looking to take advantage of the recently refurbished Erskineville home.
Located a few streets away from Erksineville’s village hub, the property provided a scope to update and transform into a dream locale.
Elsewhere, a deceased estate in Alexandria sold for $1.510m – with six registered young couples all bidding to own the property.
On the market for the first time since the 80s, the two-bedroom and one bathroom home at 24 Jennings St offered a rare opportunity to buy in the suburb’s ‘Golden Triangle’.
The Alexandria home also offered buyers scope to add value with potential parking via rear lane access.
Both properties were auctioned through LJ Hooker Newtown agent Nick Moraitis, who said that a large number of groups had been through the respective homes prior to selling at auction.
“We probably had around 100 groups go through both homes, it was a very good campaign for us. Buyers are telling us that it’s the right time to buy the right property for the right price,” Mr Moraitis said.
“For buyers looking to get transaction approval, they should consider buying what they can afford. Everyone is still showing interest in homes despite the uncertainty surrounding the market, those lingering are missing out on high auction clearance rates.”
Median house prices in Alexandria have grown by 10.5 per cent over the past 12 months, with the average two-bedroom home costing $1.425m.
Erskineville has experienced a larger growth within the same time frame, with median house prices jumping by 18.6 per cent – meaning a buyer would usually pay $1.78m for a home.
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