In the highly competitive real estate market of Sydney, a worn-out unit in Wollstonecraft has been sold for $1,415,000 to first-time buyers with the help of their parents. A total of eleven buyers, mostly first-time buyers accompanied by their parents, registered to make offers for the property. The auction started at $1.1 million and quickly surpassed the price guide of $1.15 million, as three buyers engaged in a bidding war. The two-bedroom unit was sold within 10 minutes to a couple looking to purchase their first home. The reserve price was set at $1.25 million.
One of the parents of the buyers expressed the challenges faced by young individuals trying to enter the real estate market due to the limited number of available housing. They acknowledged that it is virtually impossible for young buyers to acquire a property without financial assistance from their parents. The selling agent stated that it is becoming increasingly common for first-time buyers to receive financial help from their parents.
In addition to the unit in Wollstonecraft, other properties were sold at auctions throughout Sydney. A four-bedroom house owned by swimmer Ian Thorpe in Woollahra did not reach its reserve price of $3.9 million. In Greenwich, an expatriate couple purchased a 1915 house for $4.64 million, and in Chatswood, last-minute buyers acquired a house for $3.51 million after inspecting the property for the first time.
The Sydney real estate market continues to be highly competitive, with limited supply and growing demand for apartments due to the significant price difference between units and houses. While buyers have become more demanding with a large number of properties on the market, confidence in the market remains positive due to stable interest rates.
Sources:
– Tawar Razaghi, Sydney Morning Herald, September 16, 2023
– Domain (images)