“If the interest rate goes up, it should be fine…we were more worried about the 20% deposit. Some of the houses in Maroubra and Kensington, their valuations weren’t as high as what people paid for them,” she said.
“For example, [a friend] bought a house for $4.6 million in Kensington, but its valuation only reached $4.2 million. This is something that really scared us. »
Wen said the investment properties they bought more than a decade ago helped them expand this house, which they plan to renovate.
Simon Nolan of McGrath Maroubra said realistic sellers will still be able to sell in this market.
“Shoot the stars, but be prepared for any feedback and adjust accordingly. It looks like a stable market…neither hot nor cold,” he said.
The median house price in Maroubra rose 32.4% to $2,857,500 in the year to March 2022 on domain data.
Meanwhile, a couple of first-time home buyers from Rose Bay have purchased a home at 3 Daphne Street, Botany for $1.17 million.
Four buyers registered to bid on the former two-bedroom workers’ cottage and the auction started at $950,000, just below the $1 million guide.
Ray White Eastern Beaches sales agent Angus Gorrie said while bidders were booked to begin, the sale of the deceased estate was done and dusted within 10 minutes.
“For sure buyers are a little more conservative, but it’s still market value,” he said, adding that this was an entry-level home for the eastern suburbs.
Botany’s median home price rose 24.1% to $1.7 million in the year to March 2022.
In Crows Nest, an Epping downsizer bought a two-bedroom unit at 1/10 Emmett Street for $1,575,000.
Eight buyers registered to bid on the art deco property and bidding quickly kicked off at $1.3 million.
The price rose quickly and half of the buyers made offers on the property, which was guided between $1.35 million and $1.45 million.
The hammer fell to $1,575,000, selling $75,000 above reserve.
Helen Wilson of Belle Property Neutral Bay said it was a remarkable result for a unit, as its proportions were more akin to a semi-detached house.
“It was definitely not a normal auction. A lot of places sell out before,” she said.
It last sold for $835,000 in 2012, records show, with the price nearly doubling in less than a decade.
Crows Nest’s median unit price rose 0.7% to $931,500 in the year to March 2022.
In Baulkham Hills, first-time home buyers from Parramatta bought a four-bedroom house at 6 Antill Crescent for $1,931,000.
Ten buyers have registered to bid on the 689 square meter block, guided between $1.65 and $1.7 million.
Half made bids, starting at $1.7 million, and the auction took 45 bids to complete.
The reserve was $1.75 million.
“The last two weeks in particular have had very good sales thanks to extremely reasonable reserves. Where there is common sense, offers follow,” said Stu Benson of Benson Auctions.
The property last sold for $1.21 million in 2016, records show, with the price rising by more than $120,000 each year.
The property was sold by Jason Li and Lisa Van at Murdoch Lee Estate Agents in Castle Hill and Cherrybrook.