‘Right home, right time’ Young buyers grab auction deals across Sydney

Younger buyers who were hesitant to get a foot in the door and buy their first home are now holding weekend auctions in the inner-city suburbs.

Two separate properties auctioned over the weekend were visited and registered for young couples or first-time homebuyers looking for a good gateway to the market.

The two-bedroom, one-bathroom property at 65 Rochford St sold under the hammer for $1.18 million, with a large audience watching, despite the gloomy Sydney weather.

There were four registered bidders for the property, a mix of young couples and first-time buyers looking to take advantage of the newly renovated home in Erskineville.

Located a few blocks from the village center of Erksineville, the property offered a space to update and transform into a dream location.

Elsewhere, a deceased estate in Alexandria sold for $1,510 million — with six registered young couples all bidding to own the property.

The two-bedroom, one-bath home at 24 Jennings St, which first came on the market since the 1980s, presented a rare opportunity to buy in the suburb’s “Golden Triangle.”

The Alexandria home also offered buyers room to add value with potential parking spaces through the back lane.

Both properties were auctioned through LJ Hooker Newtown agent Nick Moraitis, who said a large number of groups had visited the respective homes before they were sold at auction.

“We probably had about 100 groups go through both houses, it was a very good campaign for us. Buyers tell us that now is the right time to buy the right property at the right price,” said Mr Moraitis.

“For buyers seeking transaction approval, they should consider buying what they can afford. Everyone is still showing an interest in homes despite the uncertainty surrounding the market, those who linger are missing out on high clearance rates.”

Median home prices in Alexandria are up 10.5 percent in the past 12 months, with the average two-bedroom home costing $1,425 million.

Erskineville has experienced greater growth over the same period, with median home prices rising 18.6 percent — meaning a buyer would normally pay $1.78 million for a home.
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Originally published as ‘Right Property, Right Time’ Young Buyers Grab Auction Deals Across Sydney

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