First Home Buyers Spend $1,825 Million on Darlington Terrace

He said potential interest rate hikes and the impending election were considerations, but they ended up 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 insulated from interest rate changes than someone with a smaller deposit. We definitely bought a house that was less than the maximum the bank approved,” Webb said.

The Darlington reserve was $1.6 million.Credit:Renee Nowytarger

“A dip in the market in the next year, or five, is not even relevant. You realize the dip or growth when you sell it.”

He said that if he could choose between a future where his property value grew or stayed the same, 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 being a lucky investor to reap the windfall.

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“It’s also easy to have that perspective when you’re not under financial stress. Perhaps the intensity of the housing crisis will lead to policy change.”

He said one of the reasons they wanted to live in Darlington was because there were affordable housing options for others who weren’t in the same position as him and his partner: “It’s going to be a diverse community eventually.”

The property last traded for $116,000 in 1992, data shows, and the price has quadrupled in nearly three decades.

In Concord, a three-bedroom house on Trafalgar Parade 7 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 vacationing on the Gold Coast. They were all looking to take it down.

There were a total of 142 bids until the hammer dropped to $2,951,000, selling $201,000 above reserve to a long-standing Concord family who will be building a new home.

Cooleys Auction auctioneer Michael Garofolo said the result is “piling up”, with the local market proving resilient as it remains a sought after bag in Sydney.

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

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Concord’s median home price rose 24.4 percent in 2021 to $2.4 million on domain data.

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

The auction started at $1.9 million and only took 20 bids before the hammer fell. A woman offered on behalf of her parents, who were moving to be closer to her.

Auctioneer Stu Benson of Benson Auctions said there is still a lot of demand for turnkey homes. “These houses are present with nothing to do and nothing to spend. If a lot of people borrow to their limits, they can’t afford to buy something that needs work,” he said.

It was sold through Jane Booty of Stone Real Estate Castle Hill. The property last traded for $1.53 million in 2016, data shows. Norwest’s median home price rose 6.4 percent to $1,329,500 last year.

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

Three 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 close a deal thanks to realistic sellers, said The Agency North’s sales agent Catherine Murphy.

“The market conditions are not nearly as strong as they have been and the owners are sensing that. It’s a reasonable result … given the track we may not have reached the figure we achieved today.”

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

In Merrylands, a newly completed duplex at 14a Yeend Street entered for $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 and rose in several steps before buyers stopped bidding at $1.37 million, short of seller expectations.

Laing+Simmons Oatlands and Carlingford salesman Daniel Mourad said the owner, a builder, plans to sell.

Merrylands’ median home price rose 14.9 percent to $1 million in 2021.

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