Investor outbids first home buyers for $855,500 Coogee one-bedder | By Kristy Johnson | October 19, 2024
An investor has paid $855,500 for a one-bedroom apartment at auction, outbidding nine registered buyers, including first home-buyers with the financial backing of parents.
The tightly held 1960s home at 3/9 Waltham Street in Sydney's beachside suburb of Coogee had a $780,000 price guide and an $825,000 reserve.
Selling agent The Agency’s Elicia Murray told The Sydney Morning Herald the home was a great entry point for first home buyers but even then, some still needed help from the bank of mum and dad.
“There are also first home buyers that are still getting family support in their 40s who just haven’t managed to get into the market yet.”
Ms Murray said the vendor chose not to renovate the property.
“Quality doesn’t necessarily have to mean highly renovated. Quality properties in blue-chip locations that are priced reasonably are selling really well,” she said.
The buyer intends to renovate the unit with the potential of moving in themselves.
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