Ducret, a tenant in Riverview, said this was his first home purchase.
“I’m actually a reiki practitioner, but I have to say that these are savings from previous jobs. I was in banking before.
Underbids Steven Baillie and Pamela McMillan, who sold their home in January, said they were at peace with missing out on the property as they were confident the market was also in their favor.
“Even over the last two or three months, we’ve seen a change, not just in the prices, but in the guides that are also becoming a bit more realistic,” McMillan said.
The couple, who are now renting in Denistone East, are happy to wait to find the house at the right price.
“We are hustling a lot more [by agents] … things are changing,” Baillie said.
“We are seeing a flood of stock notifications. If you take four, five or six weeks ago, it was rare.
“We could have bid like crazy and won, but that’s where business and emotion have to come together.”
George Gialouris of CobdenHayson Lane Cove said while the property could have fetched $2.7million two months ago, sellers were being realistic and smart.
“You have to be nimble in this market…the market is down and interest rates are going up. The market could fall further, but that’s an unknown,” Gialouris said.
The property was last traded in 1987 for $195,000, records show, with the price having increased 13 times since.
Ryde’s median home price rose 30.3% to $2.15 million in the year to March 2022 on domain data.
At Concord, only two valuers signed up to bid on 7 Kingston Avenue, which was guided to $3.7 million.
The bidding started at $3.4 million and after 10 bids the hammer fell to $3.8 million. The reserve was $3.9 million.
Cooley Auctions auctioneer Michael Garofolo said the seller was realistic and happy to meet the market that day.
“We had the two best buyers there who wanted it… [the buyers and vendors] ended up meeting in the middle and closing the deal, and that represents a good result and a fair price,” said Garofolo, adding that more suppliers should do the same.
“By saying that, I’m not implying that they have to lower their price to sell – they put in some juice, fat or cream that may have been there a few months ago.
“Even though we may not be at the top of the market when you look at the last 12 or 24 months, you’ve seen unprecedented capital growth, so you still see good prices.”
The property last traded in 1998 for $390,000, records show, with the price rising almost tenfold since then.
Concord’s median home price rose 25.7% to $2,715,000 in the past year to March.
In Freshwater, a first-time homebuyer couple purchased a two-bedroom unit at 1/46 Wyndora Avenue for $1.33 million.
Four parties registered to bid, but only half participated in the auction, which started at $1.25 million, right in the price guide and reserve, and ended quickly.
Michelle Galletti of Cunninghams Real Estate said the defunct estate could have sold for $1.5million at the same time last year.
“It’s a good result so far, it’s definitely gone,” Galletti said, adding that interest rate uncertainty was a drag on the market.
She said that while this home had differentiating features such as a yard, an enclosed garage and proximity to the beach, standard stock units “suffered” more.
The unit last traded at $425,000 in 2002, records show the price has nearly tripled in 20 years.
The median freshwater unit rose 19.1% to $1.12 million in the year to March 2022.
In Hurstville, 10 buyers registered to bid on a newly completed six-bedroom home at 22 Smiths Avenue.
Bidding started at $2.8 million and six buyers made offers. It sold to a local buyer upgrading another home for $3,535,000. The reserve was $3.5 million.
Ray White Hurstville sales agent Allen Yan said the market was definitely changing, but appraisers were able to trade in their existing properties.
“All of the bidders who came today had an existing home on the market, so if they buy this one and sell theirs, the gap isn’t big,” Yan said.
“Even if the market moves, if you’re selling and buying at the same time, the market doesn’t really matter.”
The property last sold for $890,000 in 2013, records show, with the price nearly quadrupling in less than a decade. The median home price in Hurstville rose 20.8% to $1,751,500 in the year ending March.