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Investors leave Sydney in search of value, opening the door for young buyers

 

FIRST-HOME buyers have come back into the market in force.

 

Many flocked to the auction of 17 Kemp St, Granville, but none made a bid, enabling a North Sydney woman to snap it up for $810,000 -a gift for her mother - at $10,000 above reserve.

 

But the crowd of young hopefuls reflected a change in the market, according to auctioneer Rob Trovato, from Auction Services, who said first-home buyers were more active recently, due to a drop in overall buyer numbers.

 

“Within a market that I believe is changing - still strong, but changing - they are coming out because there is less competition,” Mr Trovato said.

 

Among the young people in the crowd were Mark Virgona and Kate Smith from Marrickville, who have a budget of around $750,000, and are researching prices further out west.

 

“We are still trying to get a sense of how much properties are going to go for,” Ms Smith said.

 

 “This has gone for well lower than what we were thinking but other places we have looked at, we have been priced straight out of.”

 

Selling agent Tony Eltakchi from LJ Hooker Granville said it was a surprising result as there were 45 inspections and 17 contracts issued prior to the auction.

 

“In the last fortnight we have noticed a huge drop in investors so first-home buyers will now have a better chance,” Mr Eltakchi said.

 

 
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