3 months ago
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A young couple with kids from Caringbah paid $1,521,000 at auction on Saturday for their first family home in Kareela.
The three-bedroom property at 4 Drysdale Place had a guide of $1.4 million and the reserve was set at $1,435,000. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The brick home has an oversized front balcony and pool at the rear, and interiors are in their original condition, offering scope to renovate.
There were nine registered bidders and five took part. Bidding opened at $1.3 million and rose in varying increments. The property was one of 473 scheduled to go to auction in Sydney on Saturday.
The buyers were upsizing from a unit in Caringbah. They outbid other young families including one upsizing from an apartment in Jannali.
A young couple with kids from Caringbah paid $1,521,000 at auction on Saturday for their first family home in Kareela.Credit: Domain
McGrath Cronulla’s Simon Jaeger said the property was well maintained, and offered a great price point in the area for young families to purchase their first home.
Records show the property last sold for $285,000 in 1995.
Jaeger said he’s noticed some urgency to purchase.
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“People sense further rate cuts and wonder what’s going to happen as a result of that. We don’t have a crystal ball, but logic would say that when interest rates are cut, it’s quite likely prices will creep up. Some people see it as a great opportunity to purchase now.”
In Mount Druitt, a young couple paid $812,000 at auction to upsize from an apartment to a house in the suburb.
The three-bedroom property at 5B Linden Street went to auction without a guide and the reserve was set at $750,000. There are open-plan living and dining areas and a covered patio.
Eight bidders registered and four took part. Bidding opened at $700,000 and rose in varying increments.
The buyer outbid investors, first home buyers and upsizers from the suburb and surrounding areas.
Ray White United Group’s Meshel Bahnam said the property’s appeal was its location, being across the road from Westfield shopping centre and just a two-minute walk to Mount Druitt railway station.
He said the home needs a bit of work, but drew buyers to auction with its location and price point.
Mount Druitt’s median house price rose 6.7 per cent to $800,000 in the year to June on Domain data.
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