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“Right now, the market is still good, but the results are uneven from week to week. This is well ahead of our expectations and the results are also higher than most of the market is currently performing.”
Records show the sellers purchased the home in 2008 for $1,585,000 and were downsizing in an effort to shake things up.
According to Domain data, Stanmore’s median house price rose 8.2 per cent to $2.22 million in the year to June.
A one-bedroom, one-bathroom apartment in Ashfield 38/8 Brunswick Avenue It attracted four first-time registered bidders for the entry-level property.
Some were backed by the bank of mum and dad as they vied for a house with a guide price of $575,000. Bidding started at $580,000, with the main bids coming in increments of $10,000 and $5,000.
The home sold for $636,000, $16,000 above reserve, to a young first-home buyer from Wentworthville who was supported by his father.
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Norman Tran of Adrian William said it was a well-appointed entry-level unit for first-home buyers.
“It’s in a boutique block, it’s been renovated, it has parking and it’s double brick, so it’s popular,” Tran said. “Most apartments in this price range are modern. So when one of these (older block apartments) comes up, people are very interested.”
He noted that buyers were relieved to hear that interest rates would remain unchanged on Tuesday rather than increase.
Records show the vendors, who were retiring in Port Macquarie, bought the apartment in 2011 for $330,000.
The average price of an apartment in Ashfield rose 9.1 per cent to $780,000 in the year to June.
A two-bedroom, one-bathroom apartment in Bellevue Hill 16/51 Bellevue Road It attracted seven registered bidders, including first-time bidders and an investor.
The north-facing Art Deco unit had a price guide of $1.15 million at the start of the auction campaign, which rose to $1.2 million due to feedback from buyers.
Bidding started at $1.05 million and after four bidders bidding in varying ranges, it sold for $1.305 million to a first-home buyer couple from Bondi Junction.
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One first-time competitor got the support of mum, dad and grandparents, who nodded their approval to continue bidding during the auction.
Sean Poche of PPD said stable interest rates may have improved the performance of the property, which was listed for sale through another agency earlier this year.
“This house was on the market for 100 days and sold for $1.2 million. Today, this is an even better result for my owners… We had seven registered bidders and it sold for over $1.3 million,” Poche said.
“It doesn’t look like there will be any major changes in the future, and that’s probably why.”
Records show the vendors sold the investment property after relocating to Perth, having purchased it in 2013 for $735,000.
The average price of a Bellevue Hill apartment increased 1 per cent to $1,545,000 in the year to June.
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