Parents hot property in cool market
SYDNEY’S property market may be cooling but it still makes a big difference to have your parents help out.
With a flood of spring properties on offer across the eastern suburbs yesterday, parents were out in force to help their children get a foothold on the real estate ladder.
One mum, acting with a friend for her daughter, ended up at loggerheads with a dad bidding for his son as they battled for a two-bedroom apartment in Bondi. There were 11 registered bidders for the north-facing apartment at
3/58 Beach Rd, Bondi Beach. Bidding had started at $1.5 million, already above the price guide of $1.45 million, but it eventually came down to a duel on behalf of the twentysomething first-homebuyers.
In the end, with both offering $1000 bids, it was the mother who won the day, sealing the deal for $1,773,000 — $173,000 above reserve.
McGrath auctioneer and agent Adrian Bo said despite a cooler market, first-homebuyers had no hope without parents helping with the deposit and stamp duty.
“There’s certainly more to choose from and the heat has come off,” he said. “This was a special apartment though, with high ceilings and double parking, a level walk to the beach.”
Over in Coogee, a young twentysomething buyer just missed out after consulting with the “brains trust”, as Richardson and Wrench auctioneer Peter Baldwin described his parents, about a two-bedder apartment that sold for $1.43 million — $120,000 above reserve. Former rugby league star Braith Anasta, believed to be acting for a family member of pregnant girlfriend Rachel Lee, also put in a couple of early bids on the 1962 block “Surfside 3”, 7/3
Dundas St, Coogee, but dropped out below $1.3 million.
All bidders eventually lost out to a cashed-up super fund investor. Ross Appleton and his partner Tony, who own the Contentious Character winery and restaurant east of Canberra, said they hadn’t set a limit.
“Ultimately it will be our city pad,” Mr Appleton said.
Former NRL star Braith Anasta joined the bidding in Coogee.