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The average price of an apartment in Redfern rose 0.3 per cent to $953,000 in the year to March, according to Domain data.
A three-bedroom terrace in Annandale 177 Young Street The home was bought for $1.94 million by a young couple who stepped into the house for the first time at Saturday’s auction.
The couple missed another auction earlier in the day when they walked into the Annandale home, which had no price guide but attracted five registered bidders — all young couples, mostly looking to upgrade.
The auction started at $1.8 million, but due to two buyers, the bidders were reduced to a handful, and the successful buyer took the keys with a bid of only $20,000. The reserve price was $1.93 million.
Selling agent Tina O’Connor said the couple had never set foot in the house before Saturday morning.
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“It’s a good result for everybody. It’s not crazy, but it’s a good result. It’s over the reserve price. The owners are happy because they are upgrading in the suburb, have already bought a property and are keen to get everything done,” O’Connor said.
“The market is becoming fairer. It’s not that bad, it’s not that hot. It’s a reasonable market for both sides.”
The home last sold in 2016 for $1.4 million, records show.
The median house price in Annandale increased 14.9 per cent to $2.21 million in the year to March.
In Lane Cove, a two-bedroom 32/105 Burns Bay Road With funding from mum and dad, the home sold for $907,000 to first-home buyer siblings from Artarmon.
The home had a price guide of $790,000 and the auction was brought forward a week due to strong buyer interest, according to selling agent James Snodgrass of Forsyth Real Estate.
Five buyers registered to bid, with the auction starting at $740,000 and rising in varying increments as three buyers joined in.
One buyer dropped out after bidding $840,000, so it became a two-buyer race, bidding against each other in $2,000s until the house sold. The reserve price was $800,000.
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Snodgrass said most interested buyers want to live in the suburbs, not be a stepping stone to a nearby ZIP code.
“This result says a lot about how well Lane Cove is doing. Lane Cove used to be a stepping stone to better areas and properties. Now people are calling and saying ‘I just want Lane Cove’,” he said.
“The owner (of this home) was very realistic about the price and expectations,” he said, noting that more homes will come onto the market in the coming months.
Records show the unit last sold in 1991 for $135,000.
The median price of a Lane Cove apartment fell 1.8 per cent to $840,000 in the year to March.
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