RealEstate reported on July 6 that when a family faced a mortgage crisis, they had to act decisively to sell their home, and fortunately, there were quite a few buyers vying for their investment home at Saturday's auction.
The one-bedroom apartment with parking at 51/32 Rosehill St in Redfern attracted 13 registered bidders, five of whom increased their bids by $10,000 each, starting at $700,000.
Seller Jo Harward was smiling when auctioneer Damien Cooley hammered down on the hammer at a reserve price of more than $800,000, or $873,500.
(Image source: RealEstate)
"It really takes the pressure off our expenses," said the woman, who has three children, two girls and a boy, aged six, four and one. She bought the 80-square-metre apartment for $500,000 in 2012 and had planned to move in. But then she went on vacation overseas and met her husband.
"I got pregnant soon after!" She laughs.
Like thousands of other young families in Sydney, dealing with rising interest rates is tough.
Jo Harward（图片来源：RealEstate）
"When we bought Oatley's home, the mortgage rate was a fixed 1.9 per cent." She said. "But now it's up to 6.2 percent since then!"
Even with a rental income of $725 per week, it is still difficult to make ends meet.
Brad Gillespie of The Agency said most people interested in the third-floor apartment, which has a balcony overlooking the southern landscape, is a first-time buyer.
This is not surprising given that it has a guide price of $735,000.
(Image source: RealEstate)
However, the final buyer was an investor from Manly, who managed to buy it with a final $500 markup. "This area of Redfern is a popular location." Gillespie said.
"Right next to the new entrance to Redfern station and close to the new Waterloo station station."