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Large sales in Sydney today reveal insights into the main battlefields of some of Sydney’s major home buyers (FHBs), especially in chasing affordable units.
One apartment auction today was almost entirely contested by FHB, and another apartment auction revealed where FHB doesn’t have to compete with investors.
According to an agent, entry-level Sydney troops in a region were not snapped up by outbound investors, but were snapped up by mom and dad’s bank.
Alex Pattaro is holding a busy auction in Epping. Image: Provided.
The long weekend of Labor Day calmed down today’s auction in Sydney, with a small portion of the total volume coming from last Saturday.
David McMahon said there weren’t many options today.
“As the long weekend predicted, today we had a lower auction level of 76, while last week’s auction volume was 76.”
Mr McMahon said that despite the scarcity of auctions, the recent cash rate decision means there are many actions in the auction.
“The reserved interest rates were put on hold, and the expansion of incentives for first home buyers this week provided confidence for today’s buyers as we registered an average of 4.9 registrations and three active bidders today.”
“It may be too early to see the real impact of these announcements due to low auction volumes this weekend, but the early signs are positive.”
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north
39 Eurobin Ave unit sold for $2.02 million.
This was a local incident in Manly on Saturday morning as an apartment at 39 Eurobin Ave was sold to a couple living at a distance of 200m.
McGrath Manly’s selling agent Tim Cullen said it was a “emotional” sale from the supplier, the property has been in their homes for the past 42 years.
Mr. Coulun said a large crowd of about 80 people participated in the unit, which sold for $2.02 million, is more than $302,000 in reserves.
The price is also well above Manly’s median unit price of $1.73 million, down 3.9% over the past 12 months.
Mr. Coulun said the unit market in the North Beach is getting stronger.
“I think the market is stronger,” he said.
“I’ve sold three properties this week, all of which have exceeded their guide.”
Auctionist Mark Lines is auctioning at his apartment on Eurobin Ave. Image: Provided.
Mr. Coulun said many of these sales have won over parents who bought for their children.
He said: “There are a lot of moms and dads who bid on behalf of their children.
According to Mr. Coulun, the northern beach market is in a transitional state as apartment shares begin to return.
“At this time of year, Northern Beaches bring local and regional buyers,” he said.
“Inventory was low throughout the winter, stock quality is higher now, buyers are trading, so consumer confidence seems to be better.”
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East
The Bondi Rd apartment was sold for $1.8 million.
The coastal apartment at 314 Bondi Rd sold for about $1.8 million at noon, as the supplier sold for $250,000 more than the advertised buyer’s guide.
In the auctioneer Clarence White described as a “competitive auction”, bidding for the view of Bondi Beach on the apartment begins, and in the final stage, two bidders “fade it out.”
Mr White said four bidders were registered and about 25 people gathered for the auction.
Charlie Beaumont, a sales agent for PPD Real Estate, said the supplier who owned the property for 10 years is now seeking to buy in the Byron Bay area.
The two-bedroom apartment costs about $1.42 million from Bondy, and costs about $380,000.
The winning bid comes from the local owners’ occupation. According to Mr. Beaumont, the registered bidders who missed were the first buyers.
All but one bidder (winner), are the first buyers.
Mr White said the apartment market in the eastern suburbs was inconsistent as buyers remained “cautious”.
“Some apartments are going well lately, and some are really hard to sell,” he said.
“So it’s still a really mixed bag on the market.”
Mr White said apartment buyers in the area “almost all owner occupants.”
“We really don’t see a lot of investors at all,” he said.
“I think interest rates may still keep investors unchanged for most of the last 18 months.”
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northwest
The home on Kandy Ave in Epping sold for $3.61 million.
It was a sweet Saturday afternoon for an Epin family in the housing market, his Kandy Ave property was sold under a hammer for $331,000.
The seven-bedroom six-bathroom home attracted six registered bidders and ended up with a price of $3.61 million.
Four bidders were active on the same day, among more than 50 onlookers.
The sale marks the beginning of a new chapter for supplier Jason GE and his family, whose daughter flew past the nest.
“We’ve moved now, we’ve shrunk this big house,” he said.
“We don’t need much space right now because our daughter has moved out, but it’s the perfect place.”
Alex Pattaro and Annie Gao (right) of Ray White celebrate the sale with suppliers and buyers. Image: Provided.
Tian Hong, sales agent for Ray White Epping, said it was a “stunning auction” that marked the end of a busy campaign.
According to Ms. Hong, the house attracted the interest of 36 buyers on the auction day.
“There are good competition for all six groups registered at the auction,” she said.
According to Ms. Hong, the winning bidder was the family of Leichhardt, who were looking for an upgrade.
“They can’t wait to have some space to move because their house inside is a 300m2 house,” she said.
“Epin has more land.”
Their new home on Kandy Ave sits on a block of up to 1069 square meters with a 20m front, three times the size of the previous home.
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The backyard has plenty of space for the family.
Ray White’s NSW chief auctioneer Alex Pattaro said the property’s bid opened at $2.7 million in an auction with a “very good vibe”.
According to Mr Pataro, the positive results come from the Northwest market, which is “has been at its best for quite some time”.
“We’ve seen a very strong demand across Sydney, especially in Epping, Carlingford and the pockets on the hills,” he said.
Mr Pataro added that this is a seller’s market in the northwest.
“Our property prices are very good, so it’s a good time to sell,” he said.
Median house prices in Epin are currently at $2.688 billion, up 7.1% over the past 12 months.
Median house prices in neighboring Eastwood and Carlingford also rose by 2.9% and 6.1% respectively.
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