Investors lose out to this doting Dad
PARENTS bidding on behalf of their first-homebuyer daughter beat four investors yesterday to snare a Potts Point apartment for $670,000.
And the 26-year-old pharmacist hasn’t even seen the 41sqm 1920s onebedroom unit at 4/121 Macleay St.
The price was $20,000 below what Pierre Laffont, his wife Jennifer Keir and daughter Isabella had set as their limit — but only because they’d upped their budget after missing out so often.
“It’s my daughter who’s paying,” Mr Laffont, a retired banker, announced passionately and loudly to the small crowd after the gavel fell.
“She’s not here because she just couldn’t confront another auction!”
Then, as The Sunday Telegraph congratulated him, the Frenchman confided: “Investors always outbid her and it’s really painful … she can’t stand it any more.
“She hasn’t even seen the apartment — she’s so desperate. She falls in love and then misses out.” The auction was one of 769 scheduled for Sydney.
With 559 of the results in, CoreLogic put the clearance rate at 75.13 per cent. That was an improvement on last Saturday’s 71.61 per cent.
The tiny unit had a shared laundry on the communal rooftop and no car space.
Cobden & Hayson Surry Hills principal Brigitte Blackman said it was a strong result — the last sale in the building had been $565,000 last January. Most of the seven who had registered wanted to buy the unit with their superannuation funds.
One of them tried a $25,000 knockout bid. But, given the relatively low $476-a-week rent, sometimes desperate first-homebuyers can beat an investor.
And, luckily for Isabella, her parents paid half the deposit. “But she has to pay back the mortgage,” Mr Laffont laughed.
Pierre Laffont with his wife Jennifer Keir on the communal rooftop of their daughter’s new unit and (inset, below) auctioneer Briannan Davis Pictures: Chris Pavlich