Par­ents hot prop­erty in cool mar­ket

The Sunday Telegraph (Sydney) - - NEWS - STEPHEN NICHOLLS REAL ES­TATE ED­I­TOR

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.

Pic­ture: Danny Aarons

For­mer NRL star Braith Anasta joined the bid­ding in Coogee.

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