Sydney suburb where prices are going ‘bonkers’

A shortage of homes in one Sydney suburb has led to ‘bonkers prices’ and first home buyers are partly to blame.

34A Kara St, Lane Cove sold for $2.76m — $210k over reserve.

A shortage of properties for sale in the 2066 postcode has led to “bonkers prices” according to one agent who brought forward an auction for a semi this month and sold it for $2.76m – $210,000 over reserve.

Patrick Lang, of Belle Property Lane Cove, had 190 people inspect the three-bedroom, one-bathroom semi at 34a Kara St, Lane Cove and handed out 39 contracts.

Eleven first-home buyers and downsizers competed for the property at auction, which was initially booked for July 15 but was brought forward a week because of strong interest.

“There is a massive shortage of stock,” Lang said.

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It doesn’t look much from the street, but there is a garage.

And there are three bedrooms.

A large open-plan living room opens to an outdoor terrace.

“Normally there are 35 to 40 freestanding houses for sale in the 2066 postcode, currently there are 16 and normally there are 50 to 55 units for sale and now there are just 24,” he said.

Semis are a rare commodity too, with only 16 in the whole of Lane Cove – 12 of them in one street, ­Morrice St.

The three-bedroom well-presented semi with a garden and no stairs, close to shops, attracted young families and people downsizing.

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Full of charm!

A stylish kitchen and family dining.

It’s on a decent-sized 442sqm block.

“It wasn’t the perfect house, there was only one bathroom, the courtyard faced south and the property backed onto units but people who have borrowing approval want to lock the rate in now,” Lang said.

“Prices are bonkers.”

The semi sold to a local downsizer.

The 2066 postcode covers Lane Cove, Longueville, Riverview, Northwood, and Linley Point.

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Originally published as Sydney suburb where prices are going ‘bonkers’