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In St Leonards, a first-home buyer who had been renting in the area was given the keys to a two-bedroom apartment 1. Sergeant’s Lane The price is $1.29 million.
The tidy apartment had a guide of $1.05 million, also the reserve price, and 17 people signed up. Many were couples living in the area, buying for parents downsizing, as well as investors and first-home buyers.
The northeast-facing apartment was listed at $1.05 million and had five bidders. Bidding increased in $20,000 and $10,000 increments before slowing down to $5,000 to $1,000 increments.
Shabina Kamal of BresicWhitney said the atmosphere was lively as a crowd of 50 people packed into the living room during the 15-minute auction.
“I haven’t seen so much interest in a property in a while. So it’s exciting,” Kamal said. “The apartment itself is very convenient and has a great view. It ticks all the boxes, which is why it’s attracting so many buyers,” she said, noting that the newly opened metro has boosted buyer confidence in the area.
The unit is an investment property and last sold for $555,000 in 2000, records show.
In Enmore, a 1930s inner west art deco duplex, 1 Fotheringham Street Bought by an investor for $2.75 million. Reserve was $2.2 million. The two homes were on the same title with a price guide of $2 million to $2.2 million and were advertised as rental opportunities.
Eight buyers registered, five of whom bid for the classic home with its beautiful brickwork and elegant cornices. Most of the interested buyers were families or investors looking to accommodate multiple generations.
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The auction started at $2 million, and the bids went up from $100,000 to $50,000, and finally down to $2.5 million.
Ercan Ersan of Ray White said the units were returning a weekly rental return of $780 each.
“It’s really a unique property, which is why it’s doing so well, because you don’t often get two units under the same title,” Elsan said.
“For a lot of people, if they want to buy a house of this size in the area, they can spend close to $3 million to $3.5 million sometimes. So it’s great for parents … the parents can live downstairs and the kids who can’t afford it can live upstairs,” he said.
Records show the home last sold in 2007 for $765,500.
AMP chief economist Dr Shane Oliver said the August clearance rate of 67.8 per cent was still low but generally good.
“The number of listings is up slightly from a year ago. Some of that is due to the sell-off caused by high interest rates, but buyer demand has also softened somewhat due to higher interest rates,” he said.
Oliver said while the RBA was trying to curb inflation by cooling markets with high interest rates, the economy was moving towards low interest rates.
“The interest rate movements we’ve seen, lower term deposit rates, lower fixed rates – you could say they’re more aligned with eventual rate cuts, it’s just that we think they’re still six months away.”
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