Investor beats first-home buyer to buy Bellevue Hill apartment for $1,125,000

“A lot of first-time homebuyers are accompanied by their parents.

“I’m sure that will go some way to mitigate or reduce the higher costs.”

He believes the result shows that the market is in good condition for sellers.

“This is not an anomaly. Basically, this is the norm.”

Auctioneer Clarence White of Menck White Auctioneers conducted the sale and said bidding was competitive, but some buyers tried to break the price into smaller instalments, which he refused to accommodate.

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He said buyers were generally showing signs of caution, but the entry-level market was less affected by rising mortgage costs.

“It’s still a bit iffy overall… these units are doing a little better than some of the buyers who are spending $3 million, $4 million.”

Elsewhere, a family home in Rockdale sold for $1,682,000 to an owner-occupier relocating from Penshurst.

This charming three-bedroom home at 18 Bestick Street, complete with a white picket fence, is listed for $1.45 million.

Eleven companies registered to bid, and five placed bids. Bidding started at $1.4 million, and despite a slow start, it moved quickly as buyers offered in $50,000 increments.

Ray White selling agent Nicholas Economos said bidding exceeded the $1.6 million reserve and went higher.

A new-home lady who moved from a nearby suburb beat out upsizers from the eastern suburbs, inner west and local areas.

“There are still a lot of buyers and buyer confidence is still strong. I feel like that may change soon, but I haven’t seen it yet,” Mr. Economos said.

He said buyers entering the market at the moment were happy with interest rate levels because they had remained at the same level for some time.

In Annandale, a renovated terrace house is still for sale after auction.

BresicWhitney Balmain selling agent Brandon Nguyen said the three-bedroom home at 79 Booth Street was leased until September next year, which dampened buyer enthusiasm.

The buyer was reluctant to bid, and the property passed in when the vendor offered $1.9 million. After the auction, an investor offered $1.9 million, and negotiations were still ongoing, he said.

“The market is still pretty strong,” he said. “It feels like there are a lot of investors coming back. The rental market is still pretty strong as well.”