First-time home buyers spend $1.825 million on Darlington Terrace
He said that while potential interest rate hikes and the impending 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 are better protected against interest rate changes than someone with a smaller deposit. We definitely released one house less than the bank-approved maximum,” Webb said.
“A market drop next year, or five, is not even relevant. You realize the decline or growth when you sell it.
He said that if he could choose between a future where the value of his property increased or remained stable, he would choose the latter.
“Staying flat means housing becomes more affordable for everyone in the country. I would be much happier living in Australia which has more affordable housing than reaping the windfall as a lucky investor.
“It’s also easy to have that perspective when you don’t have financial stress. Perhaps the intensity of the housing crisis will lead to a change in policy.
He said one of the reasons they wanted to live in Darlington was because there were affordable housing options for other people who weren’t in the same position as him and his partner: “It ends up by being a diverse community.”
The property last traded at $116,000 in 1992, records show the price has increased 15 times in nearly three decades.
In Concord, a three-bedroom house at 7 Trafalgar Parade sold for $2,951,000.
Seven buyers – a mix of improvers and investors – registered to bid on the property, including an online bidder who was on holiday on the Gold Coast. They were all trying to bring him down.
There were 142 bids in total until the hammer fell to $2,951,000, selling $201,000 above reserve to a long-term Concord family who will be building a new home.
Cooleys Auction auctioneer Michael Garofolo said the result is “cumulative”, with the local market proving resilient as there remains a desirable pocket in Sydney.
It was sold by Paul Pettenon of Raine & Horne Concord and Strathfield.
The median home price in Concord rose 24.4% in 2021 to $2.4 million on domain data.
In Norwest, a four-bedroom home at 22 Peninsula Way has sold for $2.26 million after registering 11 buyers.
The bidding started at $1.9 million and it only took 20 bids until the hammer fell. A woman bids 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 high demand. “These houses present nothing to do and nothing to spend. If a lot of people are borrowing up to their limit, they can’t afford to buy something that needs work,” he said.
It was sold by Jane Booty of Stone Real Estate Castle Hill. The property last traded for $1.53 million in 2016, records show. Norwest’s median home price rose 6.4% last year to $1,329,500.
In North Ryde, a four-bedroom home at 175 Lane Cove Road has sold for $1.45 million, directly on the reservation, to Kellyville investors.
Three of the four registered buyers, including an online bidder, participated in the auction, which opened at $1.2 million.
It took a total of 20 offers to close a deal thanks to realistic sellers, said sales agent Catherine Murphy of The Agency North.
“Market conditions are nowhere near as strong as they have been and owners are feeling it. It’s a fair result… given the track, maybe we didn’t reach the number we reached today.
The house last traded at $165,000 in 1988, records show. North Ryde’s median home price rose 34.1% to $2.2 million last year.
In Merrylands, a newly completed duplex at 14a Yeend Street cost $1.37 million.
The five-bedroom property attracted 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, below the seller’s expectations.
Laing + Simmons Oatlands and Carlingford sales agent Daniel Mourad said the owner, a builder, intended to sell.
The median house price in Merrylands rose 14.9% to $1 million in 2021.