Despite that, there were enough keen buyers in the market for a home in the current environment and the block ticked several boxes.
“It had all the right things, it was in an amazing location, on the high side of the street. This is a very strong result and I don’t think it’s an indication of how our market is travelling overall at the moment.”
Eastwood’s median house price rose 5.7 per cent to $2.42 million in the year to March 2024 on Domain data.
In Canterbury, downsizers got a two-bedroom unit that sold to them for $1,097,000.
The home at 2/5 Rome Street had a price guide of $800,000 at the start of the campaign before it was revised to $850,000.
Loading
Six out of the 13 buyers, a mix of upsizers, downsizers and first timers with the bank of mum and dad, raised the price in mostly $10,000 increments.
Adrian William’s Norman Tran said the unit drew interest from many priced out inner west buyers.
“There’s still a really tight apartment market in terms of stock. A lot of inner west buyers came through and were bidders. This apartment is very large … it would be impossible to find this in the inner west and at this price point,” he said.
The home last sold for $686,000 in 2017, records show.
The median unit price in Canterbury rose 6.3 per cent to $670,000 in the past year to March.
In Bexley, a father-and-son duo bought a tired house at 576 Forest Road for $1.65 million.
The three-bedroom, set on 571 square metres, had no guide at the start of the campaign then was set at $1.15 million after the first week.
A dozen buyers registered to bid on the home, which included a mix of first timers, upsizers and investors.
Loading
Bidding opened at $1 million and went up in $50,000 most of the sell-off.
Ray White Rockdale’s Nicholas Economos said all interested buyers wanted to renovate the property in some way.
“[The successful buyers are] planning to renovate, then work it out from there, whether they want to live in it or rent out,” he said, adding that the underbidder had hoped to flip it.
The median house price in Bexley rose 23.8 per cent to $1,497,500, records show.
In Erskineville, a young couple from the inner west paid $2,185,000 for a three-bedroom townhouse.
The pair outbid five other registered bidders, all young couples or families from the area too.
The home at 8/18 Ethel Street had an original price guide of $1.8 million that was revised to $1.9 million.
Bidding opened at $2 million and quickly rose past its $2.1 million as four buyers participated in the sell off.
Raine & Horne Newtown’s Duncan Gordon said there was still strength in the market despite the economic uncertainty.
“Which is a bit of a concerning thought when rates go down, which will happen … the market is performing strongly now, properties are selling above expectations, if you’re sitting on the fence now it’s only going to get stronger when rates go down,” Gordon said.
The home last sold for $1.06 million in 2013, records show.
Erskineville’s median house price rose 12 per cent to $1,784,000 in the year to March.