In­vestors lose out to this dot­ing Dad

The Sunday Telegraph (Sydney) - - REALESTATE -

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

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