One in eight home sellers in the hardest-hit pocket of Sydney are motivated to get a deal done urgently as interest rates stay high.
Financial strain has caused some Melbourne homeowners to reach a tipping point and list their home for urgent sale.
Some have recorded 60 per cent growth since 2019 as more workers arrive to take jobs in flourishing industries or hospitals.
The cost of buying a house is nearly double that of a unit,making it much harder than a generation ago to move on from a first home.
Buyers are paying huge prices for property in beachside hotspots that cost much less before the pandemic hit.
‘I just love the property. I’m very,very happy to be in this neighbourhood,’ said the new owner,who bid in front of a 100-strong crowd.
A string of popular spots are cheaper than a year ago – but in other neighbourhoods,prices are only getting more expensive.
Some investors have been deterred by higher taxes,but others are snapping up properties in cash in inner-city suburbs.
When Essendon director Andrew Muir sold his Toorak house for $28m+ he bought a Flinders spread and a Carlton terrace. Now he’s offloaded the pied-à-terre.
Families bought in years ago,and loved the neighbourhood so much they stayed - sometimes for decades.
The three-bedroom family home attracted 12 parties at auction,where the agent joked the burger joint down the road was worth an extra bid.