Young Sydney families share their housing pain as search for home continues

In just two years, this young Sydney couple are now willing to pay an extra $750,000 to finally buy a home. But one auction bid killed that dream.

Peter and Ria Chrisafis were unprepared to pay $850,000 when they started looking for a home in which to start a family in 2021.

At a Greystanes auction last month, they were willing to outlay $1.6 million.

Mrs Chrisafis opened the bidding. The next offer was $500,000 higher. She did not make the third bid, which was another $100,000 on top. In fact she did not raise her paddle again and the property sold for more than half a million dollars over their upper limit.

“Two years ago we thought it was just a bubble,” Mr Chrisafis said after the auction.

But the rapid upward movement of the market – particularly recently – changed their mind.

Mrs Chrisafis said: “It’s just getting worse and worse right now.”

Peter and Ria Chrisafis at an auction in Greystanes. Picture: The Sunday Telegraph/ Monique Harmer

Earlier this month the Chrisafises gave up the search for a new home after discovering they are going to have a baby. Mr Chrisafis said it did not make sense to take on a large mortgage knowing they would be existing on one income for a period.

“It’s just not going to be feasible,” he said.

According to new data from realestate.com.au, house values in the region that includes Greystanes, Merrylands and Winston Hills have gained nine per cent this year.

As part of a special series, today The Daily Telegraph has shifted the spotlight away from auction winners and onto ordinary people who have begun to fear they will never finish better than second.

Andrew Schaverien and Catherine Vlahopol have been hunting in the only hotter part of the Sydney property market in 2023 – the North Shore.

The couple have been searching for four years. Their aim was to find a place before their daughter, Marilyn, was even born. She is now two.

They have enlisted the support of the bank of mum and dad, but even so, have never won at auction. And there are no prizes for second.

“Every time we get close it just seems to have another burst,” Mr Schaverien said after losing the contest for a home at Longueville. By a long way.

“We got a bid in. That was better than I expected.”

Catherine Vlahopol, Andrew Schaverien, Marilyn Schaverien, Lynette Schaverien and Robert Schaverien. The family has been looking for a home for four years. Picture: Daily Telegraph / Monique Harmer

Mr Schaverien said they had thought the 12 interest rate rises since May 2022 would “knock out the competition.

“It has had nil effect. It seems really odd.”

In nearby Chatswood, Sumit Khurana was losing out too. The selling agent said the “neighbour” was the buyer. In a sense this was true.

Once the crowd left, it emerged the property was purchased by a Chinese-Australian family development company which had already acquired six surrounding sites totalling more than 5000 sqm. The company wants to do medium-density on its land bank.

One company representative said they were prepared to pay whatever it took.

“We need it,” she said.

Another representative said that all the underbidder (Mr Khurana) had done was make them pay $300,000 extra.

Bithu Sebastian and wife Silpha-Rose Robin with their children Rhys and Ryan Mathew. Picture: The Sunday Telegraph/ Monique Harmer

The development company patriarch said: “This (area) suits a lot of high-end migrants” because of the schools, safety, and Asian food offerings.

When The Telegraph later shared this information with Mr Khurana, he said having to compete against developers was “ridiculous.”

At Toongabbie, Bithu Sebastian and wife Silpha-Rose Robin were bidding on what they hoped would be their first home.

They have only been searching for a few months, with an initial budget of up to $1.2m.

Ms Robin said they quickly realised they “wouldn’t be getting any home” they wanted for that amount.

Despite having adjusted their limit upwards by 15 per cent, they didn’t get the Toongabbie place either.