A first home with a har­bour view as prices fall 5 per cent

The Sunday Telegraph (Sydney) - - NEWS - STEPHEN NICHOLLS

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.

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