Home and hosed for $852k, thanks to Dad and a rate cut

A first home buyer has pounced on a Stanmore property for just $852k and he’s grateful for a rate cut and some help from Dad.

Marketing manager Jeeven Singh with his dad, Daljit, outside 2/71 Stanmore Rd in Stanmore, which he bought for $852k today. Picture: Sam Ruttyn

Last Tuesday’s interest rate cut gave buyers more confidence at Saturday auctions, agents say, with a first timer in Stanmore describing it as an “added bonus”.

A 30-year-old global marketing manager for clothing firm Ksubi, Jeeven Singh, snapped up his first home — a two-bedroom 69sqm flat with off-street parking at the rear of a circa 1900s block of six at 2/71 Stanmore Rd, Stanmore.

With seven registered and four active — all first home buyers with the Bank of Mum and Dad alongside — Singh won the keys for $852,000 — just $2000 above the reserve.

Having looked for five months while renting in nearby Marrickville, he thinks he got a good deal.

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The two bedroom apartment is at the rear of a circa 1900s converted mansion.

It offers 69sqm of living space. Picture: Sam Ruttyn

“The rate cut was an added bonus, though we heard it was potentially coming,” Singh said.

And he was very grateful for a bit of financial help with the deposit from his dad, Daljit.

One of the vendors, midwife Olga Aleshin, thinks the rate cut encouraged a few more buyers to the auction.

She and her furniture designer husband, Tom, had bought the modest flat for $730,000 in 2021 but with their four-year-old daughter Ana to consider, they’ve bought a terrace nearby.

“We needed a yard, but we’ve loved living here,” Aleshin said.

There were seven registered bidders, including the buyer standing with his parents. Picture: Sam Ruttyn

Vendor Olga Aleshin thinks the rate cut encouraged a few more buyers. Picture: Sam Ruttyn

First home buyer Jeeven Singh (middle) thanks lead agent Nick Aster with principal Ercan Ersan (left). Picture: Sam Ruttyn

Ray White Erskineville director Ercan Ersan, who’d had a guide of $800k-$850k alongside the lead agent Nick Aster, said buyers were definitely more confident.

“Even the talk of it gave people more confidence, but it will take about four rate cuts to make a big difference to the market,” he said.

The bidders were certainly acting confidently.

Amid the roar of planes overhead, the fast and frantic offers were flying — from a strategic $787k opener — the minute auctioneer James Keenan asked for them.

25C Prospect St, Erskineville sold for $2.89m.

The reserve was $2.7m.

The auction for a three-bedroom terrace at 25C Prospect St, Erkineville was all over in five minutes.

Ray White’s Shaun Stoker, who shared the listing with colleague Timothy Gorring, said the $2,725,000 opener was already $25k above the reserve. “It went bang, bang, bang to $2.83m very quickly,” Stoker said.

Two were buyer’s agents but then a local couple upgrading came in with a $40k bid that sealed it at $2.89m.

“The rate cut doesn’t mean people are going to pay any more, but it has improved sentiment,” Stoker said.

“But if there are three or four more cuts, buyers know prices will go up next year so they’re thinking let’s get in now while prices are reasonable.”

47 Cecily St, Lilyfield sold for $1.92m.

The reserve was $1.9m.

Meanwhile, a two-bedroom terrace at on a 147sqm block at 47 Cecily St, Lilyfield attracted five registered parties with four active from $1.75m, which had been the initial guide.

With auctioneer Emanuel Comino presiding, it sold for $1.92m, $20k above reserve, to a first home buyer with Dad doing the bidding.

“I don’t think the rate cut will do too much to spending capacity, just a bit more breathing room in the overall budget,” said McGrath agent Scott Bunnell who shared the listing with colleague Cindy Kennedy.

Originally published as Home and hosed for $852k, thanks to Dad and a rate cut