Rookie buyers leap into market after location and room for cat
The new real estate landscape is seeing more buyers step onto the property ladder for the first time. Six homes under $650,000 on the northern beaches have sold this week already.
Young couples are stepping onto the bottom of the property ladder on the northern beaches drawn by a softened market.
Six units sold this week on the beaches with prices below $650,000, they were in Manly, Balgowlah, Cromer and Dee Why.
Several first homes were bought this week to buyers who had been watching and waiting for years. They are now jumping into the market with interest rates low and possibly heading lower.
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Brett and Stephanie Anderson of Narrabeen are among the first home buyers who bought this week after renting and saving for five years. The young married bid and bought at auction a two-bedroom unit in Mona Vale. They saw the Golf Ave apartment on the Thursday and became its owners on Saturday morning.
“We have been looking for a while, renting in the area for five years and this is our first property,” Mr Anderson said.
“Location was a big thing for us,” Mr Anderson said.
“Mona Vale is a nice beach and the suburb is handy to Macquarie Park and the city.”
The pair loved the location of the second floor unit at 7/12 Golf Ave, its guide was $720,000 and they bought it for $735,000. Having been built in the 1970s the unit was a bit dated but the couple hope to improve the apartment slowly as they have time and the money.
Agent Todd Moore, of McGrath Mona Vale, said buyers seem more confident, more ready to commit and higher auction clearance rates are testament to a stronger market.
Another young couple who bought their first home had a cat to consider in their purchase.
Marco Cimino, of LJ Hooker Mona Vale, said the couple were keen to buy but also wanted somewhere appropriate for their pet.
The pair chose a studio apartment at 47/2 Firetail Dr, in Warriewood and paid $630,000 for the new property.
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The Oceanvale complex has a gym, pool and sauna and the apartment the couple bought had a large courtyard.
Mr Cinimo said the real estate market has improved recently and buyers are more inclined to make prompt decisions. The Warriewood unit sold within two weeks.
“I think the official cash rate will drop to 1 per cent and I think lending will do down to 3 per cent by the end of the year,” he said.
Originally published as Rookie buyers leap into market after location and room for cat