Two-bedder sells for $255k over reserve as rate cut spurs auction buzz | By Nick Leneghan | 24 February 2025
The February rate cut by the Reserve Bank brought more aspiring buyers to home auctions in Sydney over the weekend, reports The Australian Financial Review.
Auction buzz had been building over the last few weeks in anticipation of a rate cut, with more prospective buyers attending inspections, The Agency Property Partner Bethwyn Richards said.
Bethwyn sold a two-bedroom top floor apartment at 7/10-12 Farrell Avenue in Sydney’s inner-city Darlinghurst at the weekend for $1.455 million, well above its reserve of $1.2 million.
Prior to the auction, 27 contracts were requested, and 115 groups came through the apartment. At Saturday’s auction, 11 bidders were registered and four were active before it was sold to a first home buyer.
‘‘There was huge excitement about the Darlinghurst area and the lifestyle it brings. There was a beautiful buzz about the location,’’ Bethwyn told The Australian Financial Review.
