An investor keen to capitalise on Sydney’s soaring rents beat nine other parties for the tidy apartment close to cafes.
Sale price of a five-bedroom Hurstville houseAn investor keen to capitalise on Sydney’s soaring rent prices has splashed a reserve-smashing $1,711,500 on a two-bedroom unit in Bellevue Hill at auction on Saturday – knocking the socks off the vendors who had owned it for two decades.
Selling agent Sean Poche, of PPD Real Estate said the result blew his socks off – particularly given investors don’t typically win these types of auctions as they’re rarely willing to splash such a reserve-busting sum on a rental.“We weren’t expecting anywhere near price … but rental returns are quite strong here and we’re noticing that investors don’t want to keep their money in the bank at the moment,” he said, adding the reserve was about $1.35 million.An investor beat an owner-occupier.
“We had to change the auction location because the tenants refused us access, so we ended up having it our office.” “The contract ended up having three people on it, including the mum, dad and daughter. We’re seeing a lot of buyers leaning on the ‘bank of mum and dad’ now and especially in this price bracket because the mortgage on a $2 million home is ridiculous,” he said.Sacliotto said the market was extremely buoyant with the small agency clocking 40 sales this year alone. “There’s not much stock out there though so everyone is pre-approved to buy,” he said.
The price guide was originally $1.4 million, then revised up to $1.45 million then up again to $1.55 million.
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