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Playfair said that while buyers are concerned about high interest rates, people are ready to buy homes in the current environment.
Records show the vendors had upsized in the inner west and purchased the home in 2018 for $855,000.
The average price of an apartment in Newtown rose 3.9 per cent to $725,000 in the year to March, according to Domain data.
Meanwhile, in Mascot, an investor beat out four other buyers to buy 4 Oliver Street The price is $1.61 million.
The two-bedroom home, which has DA approval for an additional bedroom, has a price guide of $1.35 million. Selling agent Krissie Ormond of The Agency South East Sydney said the price guide was lowered from its original $1.5 million in the first two weeks of the auction due to buyer feedback.
Bidding opened at $1.34 million, thanks to an investor from Riverview who ended up with the keys to the house. The buyer had to compete with just one other active bidder, a young family looking to upsize from a nearby home. The reserve was $1.5 million.
Ms Ormond said she was surprised by the results as most of the interest came from owner-occupiers, either young couples or families.
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“Most of the buyers were young couples and young families. The ones that performed strongly today were investors, which was surprising,” she said, noting the property was attractive to investors because of its proximity to the station and DA approval.
“The investor had been looking in the inner west and had missed out on a lot of auctions so decided to look in Mascot,” Mr Ormond said.
Sellers are expanding their purchases to take advantage of low inventory ahead of the spring homebuying rush, she said. Meanwhile, buyers remain concerned that higher interest rates could persist for longer.
“This is definitely not a renovated property,” Ormond said. “Young couples and young families are very cautious about how much they spend on a property and how much they spend on renovations.”
Records show the home last traded in 2001 for $345,000.
In Bardwell Valley, downsizers purchased a three-bedroom home for 9 Sackville Street The price is $1.67 million.
The home had a price guide of $1.4 million throughout the promotion and attracted eight registered buyers, including both downsizers and upsizers.
Once the auction started, five people pushed the price of the 443-square-metre block up to $1.3 million. The reserve was $1.58 million.
Nicholas Economos, of Ray White Rockdale, said the successful buyers and direct bidders were a young couple looking to move from an apartment to a larger home, both from Bexley.
Records show the home last traded in 2002 for $460,000.
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