A first home with a harbour view as prices fall 5 per cent
THE joy in the young couple’s faces said it all: they’re moving into their first home together after Boral concreter Robert Isgro, 28, bought a unit for $830,000 at auction yesterday morning.
And it even has a harbour view. McGrath agent Nick Har- rington had seven bidders register for the one-bedroom unit at 1/4 Ithaca Rd, Elizabeth Bay, which had a $700,000 price guide, but four first-home buyers fought for it. “It’s the best market we’ve ever seen for first home buyers,” he said.
They were all shy at first. Auctioneer Adrian Bo had to kick things off with a vendor bid at the price guide. Bidding then took off in $10,000 increments.
Mr Isgro was the most aggressive, making a $30,000 opening bid. A loud “hooray” — and a hug with girlfriend Bryar Hawkins, 24 — followed his purchase. Mr Isgro said he’d “been saving all my life” for a deposit and didn’t need financial help from his parents.
Data compiled exclusively for The Sunday Telegraph by economist Andrew Wilson of My Housing Market found dwellings (houses and apartments combined) sold at auction on Saturdays were 5.4 per cent cheaper this September compared with last.
Although the biggest price falls were in the northwest (19.5 per cent) and west (16.5 per cent), they have fallen 7.3 per cent in the southern suburbs, 4.5 per cent on the lower north shore, 2.7 per cent in the inner west, 1.9 per cent in the east and 1.5 per cent on the northern beaches.
Prices have fallen 7.8 per cent on the Central Coast.
Robert Isgro and Bryar Hawkins.