First home buyer is forced to bid against himself and add another $20,000 to the mortgage in latest sign of property market gone mad
- First home buyer bid against himself to secure one-bedroom loft in Surry Hills
- Agent negotiated middle ground for vendor and buyer after low bids Saturday
- Young man bid $20,000 against himself to secure property for $770,000
- Similar situation occurred for three-bedroom apartment in Darlinghurst
A first home buyer has been forced to bid against himself by $20,000 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 price guide between $700,000 and $750,000 – with four registered bidders attending the auction on Saturday.
Just three offers saw the bidding stop at $750,000 – well under the $800,000 reserve.
The young man then upped his bid by $20,000 to $770,000 after a conversation with the agent, who agreed to the sale if he increased his bid.
A first home buyer bid against himself by $20k 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 guide between $700,000 and $750,000
The property features 4.3metre-high ceilings to accomodate the loft bedroom, with raw exposed materials giving the flat a unique look.
It has a terrace for entertaining and direct access to a shared garden the apartment overlooks.
It is one of several stunning homes inside the De La Vega E-Space warehouse conversion in the heart of Surry Hills.
Ercan Ersan from Ray White negotiated a middle ground for the buyer and seller to get the deal done.
The agent of the unique property negotiated a middle ground for the vendor and buyer
The one-bedroom loft is one of several stunning homes inside the converted warehouse
‘I let him know the reserve was $800,000 and he could pay up to $770,000 and he accepted it,’ Mr Ersan told Domain.
‘If anyone isn’t realistic or prepared to meet the market they probably won’t be selling.
‘The one-bed, one-bath, no parking is the toughest stock to sell. It’s driven by first home buyers and investors. They’re the two most sensitive buyer profiles at the moment because of lending and interest rates.’
The flat features an entertainer’s terrace and direct access to a shared garden
Another auction in nearby Darlinghurst saw a similar situation, with a couple bidding against themselves and increasing their offer from $2.605million to $2.7million to meet vendors halfway.
The owners of the three-bedroom flat on Liverpool Street lowered the $2.8million reserve to complete the sale to a couple from the inner west who were looking to down size.
‘The vendors were realistic, he bought it last year for $2.4 million, and he wanted to sell it today, so he met the market,’ agent Guido Scatizzi of BresicWhitney Darlinghurst said.
‘We actually did well, in a declining market. We got $300,000 more than what it sold for last year.’
Surry Hills, a sought-after suburb in Sydney’s inner east, has seen its median unit price fall one per cent in the last financial year, sitting at $950,000.
Darlinghurst’s median unit price remains around $1.1million.
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