Sydney auctions: First-home buyer drops $1.689m on Coogee unit thanks to Bank of Mum and Dad
A first-home buyer paid a staggering $1.689 million for a two-bedroom unit in Coogee with the help of the Bank of Mum and Dad and family.
A little over a dozen people, including seven registered buyers, showed up to watch the modest home at 8/1-3 Waltham Street go under the hammer.
It was one of 959 homes scheduled to go to auction in Sydney on Saturday.
By evening, Domain Group recorded a preliminary clearance rate of 81.5 per cent from 717 reported results.
While the number of registrations was lower than seen at some popular auctions in Sydney, it was enough to inspire fierce competition.
Four buyers threw their hat in the ring after the auction kicked off with an opening bid of $1.35 million.
Within walking distance of Coogee Beach, the home initially had a price guide of $1.3 million to $1.4 million. That was revised up to $1.4 million to $1.5 million prior to the auction.
It flew past those figures, and the reserve of $1.5 million as the bidding steadily rose.
The hammer fell at $1.689 million, selling to a first-home buyer who was able to stay in the race with some top-up help from parents and other family members who were bidding on her behalf.
Belle Property Randwick selling agent Nick Simitzis said it was hotly contested for its location and the quality of renovations.
It last traded for $865,000 in 2014, records show, almost doubling in price in just six years.
Coogee’s median unit price dropped by 2 per cent to $1.2 million in the year ending March 2021, compared to the previous year, on Domain data.
In Allambie Heights, a local family picked up a three-bedroom house at 8 Jennifer Avenue as an investment property for $2.73 million.
An opening offer of $2.3 million – bang on the price guide and reserve – started the auction with half of the eight registered parties pushing the price higher.
Ray White Narrabeen’s Ken Snell said while the tightly held home was in its original condition, it had been impeccably maintained.
The home has been in the same family for 55 years and last traded just on the cusp of the decimal currency change for £5800, equating to $11,600, according to the vendor.
Allambie Heights’ median house price reached $1,850,100 after it jumped 15.3 per cent for the year ending March 2021, Domain data shows.
In Carlingford, a family looking to upsize walked away with the keys to a five-bedroom house at 18 Yarralumla Drive for $2.42 million, selling $370,000 above the reserve.
It was a tense two-horse race for the entire auction despite five registered bidders. Bidding began at $1.8 million, only $50,000 shy of the price guide.
Benson Auctions auctioneer Stu Benson said while he believed the owners set a high reserve, they had been open to adjusting to meet the market, but buyers were still keeping their cards close to their chest.
“The result today was probably a sign of buyers’ reluctance to tell agents their actual budgets or where the actual value is,” Mr Benson said. “With little feedback to guide us, we are seeing reserves eclipsed by figures that are quite surprising.”
It sold through James Kwon of Stone Real Estate Beecroft.
The property last traded for $1.4 million in 2014, records show.
Carlingford’s median house price reached $1.45 million after it rose 9.2 per cent in the 12 months to March 2021, Domain data shows.
We recommend
States
Capital Cities
Capital Cities - Rentals
Popular Areas
Allhomes
More
