Source : the age
A young professional couple from Sydney’s east upgraded from an apartment, paying $2,353,000 at auction on Saturday for a terrace in one of Surry Hills’ “premier” laneways.
The two-bedroom, two-bathroom property at 52 Arthur Street was guided at $1.9 million and the reserve was set at $2.1 million. The listing stated the home was in “one of the area’s premier laneway-style settings”.
There were nine registered bidders and six took part. Bidding opened at $1.8 million, rising in $50,000 increments to reach $2 million and then varying until the hammer fell.
The property was one of 613 scheduled auctions in Sydney on Saturday.
The buyers outbid other young professional couples from the east, none of whom were first home buyers, and two investors.
Young professional couples competed at auction on Saturday for a $2.3 million terrace in Sydney’s Surry Hills.Credit: Domain
BresicWhitney Inner East’s Michael Kirk said the appeal was the configuration and location.
“For a two-bedroom house in the inner city, it offered two bathrooms upstairs and a downstairs toilet, which is difficult to come by,” Kirk said. “The north-rear aspect was popular, and it’s also freestanding to one side.”
A wraparound courtyard terrace and open-plan layout maximise the 82-square-metre floor plan.
Kirk said he had fielded more calls on properties following last week’s election.
Records show the terrace last sold for $627,500 in 2002. Surry Hills’ median house price fell 6.6 per cent to $2,125,000 in the year to March on Domain data.
In Forest Lodge, newlyweds with family in the suburb paid $2.35 million at auction for a classic Victorian cottage.
The three-bedroom, two-bathroom property at 134 Wigram Road was guided at $2.2 million. Ray White Surry Hills’ Matthew Carvalho declined to reveal the reserve but said the “sale price was in line with vendor expectations”.
There were three registered bidders and two took part. Bidding opened at $2 million and rose in varying increments.
The newlyweds already lived in the suburb and outbid young families upsizing from the inner city.
Records show the property last sold for $1.06 million in 2012. Forest Lodge’s median house price is $2,125,000 on Domain data.
Carvalho said the market has picked up since Easter, Anzac Day and the election, but there was “a little less stock for sale”.
Carvalho believes further rate cuts may increase demand and cause prices to rise.
“I think it will be competitive throughout winter and prices will keep rising, particularly if we get a rate cut in May,” he said.
