First-home buyers spend $1.825 million on Darlington terrace at auction after saving for seven years

First-home buyers bought a two-bedroom terrace in Darlington for $1,825,000 at auction on Saturday after saving for a deposit for at least seven years.

They were among 15 registered bidders for the home at 45 Thomas Street, despite the auction being held on a long weekend.

SOLD - $1,825,000

45 Thomas Street, Darlington NSW 2008

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It was one of 604 homes scheduled to go under the hammer in Sydney on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 59.3 per cent from 430 reported results, while 129 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

The auction started at $1.4 million, bang on the price guide, which had been adjusted from $1.3 million to $1.4 million due to the amount of interest in the property.

But selling agent Moira Verheijen, of Ray White Surry Hills, said drawing bids from buyers was “like pulling teeth” until it reached $1,625,000, when things began to move with some ease.

Then three buyers battled it out from $1.75 million and it sold for $1,825,000. The reserve was $1.6 million.

Ecstatic first-home buyer Christian Webb said he and his partner were very happy to have won at auction just two months into their search.

The 31-year-old software engineer said he and his partner, a massage therapist, had been saving and investing for the past seven years while renting a share house in Alexandria.

He said while potential interest rate rises and the looming election were considerations, they were ultimately buying a long-term home rather than an investment.

“We had a very good deposit, which puts us in a position where we’re more insulated with interest rate changes than someone with a smaller deposit. We definitely took out a home less than the max the bank had approved,” Webb said.

“A dip in the market in the next year, or five, isn’t even relevant. You realise the dip or growth when you sell it.”

He said if he could choose between a future where his property value grew or remained flat, he would pick the latter.

“Staying flat means housing becomes more affordable for everyone in the country. I would be much happier to live in the Australia that has more affordable housing than to reap the windfall as a lucky investor.

“It’s also easy to have that perspective when you don’t have financial stress. Maybe the intensity of the housing crisis will cause policy change.”

He said one of the reasons they wanted to live in Darlington was because there were affordable housing options for others who were not in the same position as him and his partner: “It ends up being a diverse community.”

The property last traded for $116,000 in 1992, records show, the price increasing 15-fold in close to three decades.

SOLD - $2,951,000

7 Trafalgar Parade, Concord NSW 2137

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In Concord, a three-bedroom house at 7 Trafalgar Parade sold for $2,951,000.

Seven buyers – a mix of upgraders and investors – registered to bid on the property, including one online bidder who was on holiday on the Gold Coast. They were all looking to knock it down.

There were 142 bids in total until the hammer fell at $2,951,000, selling $201,000 above reserve to a long-term Concord family who will build a new home.

Cooleys Auction auctioneer Michael Garofolo said the result “stacks up”, with the local market proving resilient as it remains a desirable pocket in Sydney.

It was sold through Paul Pettenon of Raine & Horne Concord and Strathfield.

Concord’s median house price rose 24.4 per cent in 2021 to $2.4 million on Domain data.

In Norwest, a four-bedroom house at 22 Peninsula Way sold for $2.26 million after 11 buyers registered.

The auction started at $1.9 million and it took just 20 bids until the hammer fell. A woman was bidding on behalf of her parents, who were moving to be closer to her.

Benson Auctions auctioneer Stu Benson said move-in ready homes were still in strong demand. “These homes present with nothing to do and nothing to spend. If a lot of people are borrowing to their limit, they can’t afford to buy something that needs work,” he said.

It sold through Jane Booty of Stone Real Estate Castle Hill. The property last traded for $1.53 million in 2016, records show. Norwest’s median house price rose 6.4 per cent last year to $1,329,500.

SOLD - $1,450,000

175 Lane Cove Road, North Ryde NSW 2113

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In North Ryde, a four-bedroom house at 175 Lane Cove Road sold for $1.45 million, right on the reserve, to Kellyville investors.

Three out of the four registered buyers, including one online bidder, participated in the auction, which opened at $1.2 million.

It took a total of 20 bids to get a deal done thanks to realistic vendors, said selling agent Catherine Murphy of The Agency North.

“The market conditions aren’t anywhere near as strong as they have been and the owners sense that. It is a fair result … given down the track we may not have reached the figure we did today.”

The home last traded for $165,000 in 1988, records show. North Ryde’s median house price rose 34.1 per cent to $2.2 million last year.

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14a Yeend Street, Merrylands NSW 2160

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In Merrylands, a newly finished duplex at 14a Yeend Street passed in at $1.37 million.

The five-bedroom property drew in eight registered bidders, all owner-occupiers, and half of them participated.

It opened at $1.2 million, rising in varying increments before buyers stopped bidding at $1.37 million, short of the vendor’s expectations.

Laing+Simmons Oatlands and Carlingford selling agent Daniel Mourad said the owner, a builder, intends to sell.

Merrylands’ median house price rose 14.9 per cent to $1 million in 2021.