FIRST HOME BUYERS JUMP IN
SAVVY first home buyers were out to nab a property bargain yesterday, avoiding a costly rush of competition when stamp duty exemptions hit on July 1.
Even though first timers stand to save thousands in government costs, experts expect sellers to increase prices once the incentives kick in.
There were dreamy conditions at the auction of a two-bedroom apartment in Arncliffe — no investors and all five registered bidders were in their 20s trying to score their first or second digs.
The renovated unit at 12/43 Firth St sold on reserve for $698,000 to an Arncliffe first homebuyer who liked the easy access to city transport.
At 105sq m, including a lock-up garage, it was popular because it had low strata fees and was in a small block of 12.
Three first-home buyers bid in $10,000 increments after the auction opened at $600,000. Prestige Property Group Realty Arncliffe agent Jena Chahine could understand first home buyers jumping in now ahead of July.
“They were great conditions for the first home buyers today because there was a lot less competition,” she said.
“After July 1, vendors’ expectations will go up and they will take any benefits from the first home buyers.”
Meanwhile, in Beverly Hills, five brothers sold their childhood home, 57 years after their parents built it.
The four bedroom, single-level, double red-brick deceased estate at 7 Kooemba Rd sold $150,000 above reserve for $1.3 million.
Families loved that it had two bathrooms and three car spaces. They also appreciated the 594sq m level block.
Dean Matthews, one of the five brothers, said he had great memories playing cricket and rugby with his brothers on the wide front lawn.
“We were happy with the result; I feel for buyers, Sydney has ridiculous house prices,” he said.
Also happy with the price was the new owner, 32-year-old Penshurst gyprocker, Roy Jiang, a second-time buyer.
Upsizing from a unit, he, his young family and his parents will move in after a renovation.
“I thought it would go for $50,000 more,” he said. “My daughter won’t have to change schools now.”
Ray White Menai agent Matt Debreczeni said the reserve of $1.15 million was market value.
“The fact you can move straight in was the reason it hit a premium,” he said.
Auctioneer Chris Scerri had six registered bidders, including families from the neighbourhood, with one first homebuyer.
12/43 Firth St, Arncliffe
170 West St, South Huntsville Kooemba Rd, Beverly Hills