The first homebuyer is forced to bid against himself and add another $20,000 to the mortgage in the latest sign the housing market is going nuts
- First home buyer bid against himself to secure a one bedroom loft in Surry Hills
- The agent negotiated a middle ground for sellers and buyers after low bids on Saturday
- Young man bid $20,000 against himself to secure property for $770,000
- A similar situation occurred for a three bedroom flat in Darlinghurst
A first-time homebuyer was forced to bid $20,000 against himself to secure a one-bedroom apartment in a trendy Sydney suburb.
The New York-style loft at 10/15-27 Hutchinson Street in Surry Hills had a guide price of between $700,000 and $750,000 – with four registered bidders attending Saturday’s auction.
Just three bids resulted in the bids stopping at $750,000 – well below the $800,000 reserve.
The young man then increased his bid by $20,000 to $770,000 after speaking to the agent, who agreed to the sale if he increased his bid.
A first-time homebuyer bid $20,000 against himself to secure a loft in Sydney’s Surry Hills
The New York-style loft at 10/15 27 Hutchinson Street in Surry Hills had a price guideline of between $700,000 and $750,000
The property boasts 4.3 meter high ceilings to accommodate the loft bedroom, with raw, exposed materials giving the apartment a unique look.
It has a terrace for entertaining and direct access to a shared garden which the apartment overlooks.
It is one of several stunning homes in the De La Vega E-Space converted warehouse in the heart of Surry Hills.
Ray White’s Ercan Ersan negotiated a middle ground for buyers and sellers to close the deal.
The broker of the unique property negotiated a middle ground for sellers and buyers
The one bedroom loft is one of several stunning homes in the converted warehouse
“I let him know that the reserve was $800,000 and he could pay up to $770,000 and he accepted it,” Ersan told Domain.
“If someone isn’t realistic or willing to serve the market, they probably won’t sell.
“A bed, a bath, no parking is the hardest stock to sell. It’s being driven by first-time homebuyers and investors. They are the two most sensitive buyer profiles right now because of lending and interest rates.’
The apartment has an entertainer terrace and direct access to a shared garden
Another auction in nearby Darlinghurst saw a similar situation, with a couple bidding against themselves, increasing their bid from $2.605 million to $2.7 million to meet sellers halfway through.
The owners of the three-bedroom Liverpool Street apartment lowered the $2.8 million reserve to complete the sale to an Inner West couple looking to downsize.
“The sellers were realistic, he bought it last year for $2.4 million and wanted to sell it today, so he hit the market,” said BresicWhitney Darlinghurst agent Guido Scatizzi.
“We actually did well in a declining market. We got $300,000 more than we sold last year.’
Surry Hills, a desirable inner-east suburb of Sydney, saw its average unit price fall 1 percent to $950,000 last fiscal year.
Darlinghurst’s average unit price remains around $1.1 million.
https://www.dailymail.co.uk/news/article-11177675/Sydney-real-estate-home-buyer-bids-against-sign-property-market-going-mad.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Sydney real estate: First home buyers are bidding against themselves that the real estate market is going crazy