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He said the area was expected to grow further due to a lack of supply of homes on the market, leaving potential sellers in a bind.
“They say ‘we’d love to sell but there’s nothing we can do to expand or shrink so we’re stuck’.”
In Pyrmont, a more affordable apartment sold from one first-home buyer to another.
This one-bedroom, one-bathroom residence is located in 121/313 Harris Street, Pyrmont, Sold at a one-person auction for $642,500.
The property, with a price guide of $595,000 to $645,000, attracted attention from first-home buyers during the event, but only one recent law school graduate from western Sydney registered on Saturday.
The auction opened with a vendor bid of $630,000. The first buyer bid $635,000 and then bid himself to $640,000, but still below the vendor reserve of $645,000.
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The buyer and seller, who also bought the house several years ago as their first home, agreed to make concessions at the auction. The buyer again raised his bid by $2,500, while the seller lowered his reserve by $2,500.
John Zheng of LJ Hooker Pyrmont and Ultimo said the vendor and his family were upgrading and he was happy to give up his reserve price to help the buyer.
“(The seller) is also a first-time homebuyer, so he understands the buyer’s perspective,” Mr Zheng said.
“He knows how hard it is to buy a property without help from his parents, so he was very understanding and happy to negotiate the reserve price,” he said.
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“So it’s a win-win situation. The seller can move on and the successful buyer can move into their first home.”
The home last sold in 2013 for $435,000, records show.
The median price of an apartment in Pyrmont fell 2.7 per cent to $1.1 million in the year to March, according to Domain data.
Elsewhere, a tightly guarded house 38 Mount Street, Coogee, Just minutes from the beach, it’s on sale for $4.19 million.
Four registered bidders, all young families and couples from the eastern suburbs, vied for the keys to the house, which had a price guide of $3.6 million.
The auction opened quickly at $3.7 million and continued to rise in $50,000 increments. The reserve price was $4.01 million.
James Ledgerwood, of McGrath Double Bay, said the owners had lived there for decades and were delighted with the results.
“Some of the recent sales have definitely been above market expectations,” Ledgerwood said. “The owner has owned the house for over 40 years and her family has lived in it and is excited to sell to another family.”
He said while there were enough buyers, there were not enough homes.
“It’s very active here at the moment and buyers are finding there’s not enough stock, which is frustrating. There’s never enough stock in the eastern suburbs. People have been saying stock levels have been low for 10 years. This is the normal level (here).”
Coogee’s median house price increased 6.5 per cent to $3.71 million in the year to March.
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