Crowds of buyers turn out in Sydney, Melbourne


There were 47 contracts issued on this apartment in Lane Cove. Supplied

"Our stock is selling under the hammer or just prior. Our vendors who have committed themselves to mid-winter campaigns have been richly rewarded as there are plenty of buyers looking to transact," Ray White NSW chief auctioneer Alex Pattaro said.

"Stock levels continue to be the common topic for discussion."

"First-home buyers want to get in now as they are concerned prices could start rising again with this new momentum," Belle Property's Patrick Lang said.

"Most of our registered buyers today were first-time bidders. Stock is also very low."

Mr Land and his colleague Tim Holgate sold at renovated large two-bedroom unit at Ralston Street at Lane Cove in Sydney's north shore to a first-home buyer for $ 795,000, higher than the price guide of $ 700,000 after 47 contracts were issued.

It was standing at the open house of the unique cliff-top 160sq m home at McElhone Street, Woolloomooloo, in inner Sydney.

Buyers who looked at home at $ 1.2 million to $ 1.5 million, D'Ettorre Real Estate's Samuel Pacitto-Rusconi said.

Four-bedroom multi-level home at 24 Booth Street in the inner west Sydney suburb of Annandale.

The property on a 160sq m site sold for $ 1,586 million against the price guide of $ 1.4 million, although BresicWhitney's Chris Nunn and Nick Playfair had their work cut out for them in the protracted auction.

It was 5 degrees but that didn't deter buyers in Ringwood. Supplied

But not every popular property sold. A three-bedroom unit on Wyagdon Street, Neutral Bay, with views passed in, as a four-bedroom house with three car spaces at Delaney Drive, Baulkham Hills, in Sydney's north west.

In Melbourne, the cold weather didn't deter strong. Ray White's Chris Watson was amazed he got the most of the four-bedroom home on Jeffrey Drive, Ringwood, in Melbourne's east.

"It´s five degrees, raining and gray," Mr Watson said.

"We had three bidders up to the reserve price of $ 670,000 and then we were on the market and two more joined in that stage. So, we had five bidders right up to the end."

The property sold to a young couple for $ 714,000 after an opening bid of $ 500,000.

Mascot Towers residents can now access the units but they can't go home yet. Fairfax Media

In Sydney, some property buyers are switching from apartments to houses. One couple inspected a detached house in Tempe in Sydney's inner west for the first time.

The Mascot Towers were evacuated last month over defective cracks.

"We are just glad we didn't (end) up buying an apartment," they said.

On a brighter note, Mascot Towers 'owners' corporation says re-occupation is still barred.

The IGA supermarket ground-floor has also re-opened for business. Engineers are still investigating the cracks at the building and have to provide a final report.

The next owners will be on August 22, which will be more than two months since owners were evacuated on June 14.


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