A determined young man has got onto the property market this morning after paying $686,000 for a modern one-bedroom Lane Cove apartment in a tense auction.
In a now all familiar site of first home buyers taking advantage of weaker market conditions, both registered bidders at 45/3 Finlayson St’s auction had never owned a property before.
Raine and Horne Lane Cove’s Stuart Bourne and Alex Banning were expecting another bidder today, but they were a no show.
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Calling for bids, auctioneer Chris Scerri was offering a bottle of Champagne as inducement, with the young man in a black cap coming forward with the opening bid of $650,000.
After a long silence and Mr Scerri working the room, the other bidder, a young lady came forward with an offer of $660,000, which was soon upped to $665,000 by her competitor.
Bidding rose in $5000 increments before slowing to $1000 bids, where the auction came to a grinding halt.
With neither party wanting to place a bid higher than $680,000, Mr Bourne left the room to speak to the vendor.
It was at this time, the underbidder roared back into contention with an offer of $685,000, before Ben Cividin, the successful buyer, placed the final and winning bid of $686,000.
An excited Mr Cividin said now was the time for him to get onto the market after searching extensively for the past two years.
“I was keen to get this one, as after looking for so long you know what you want when you see it, and this ticked all the boxes,” he said.
The location and the lifestyle were the biggest drawcards for Mr Cividin.
“It is super convenient to get to work and the city. The beach is accessible and there are many cafes and restaurants on your doorstep,” he said.
Mr Bourne said while they had to work for it, the result marked a strong start to the year.
“It is great to see more first home buyers in the market, as well as more buyers in general looking at property,” he said.
“Before Christmas we only had five to six groups coming to open homes, now we’re averaging 12-14 groups an inspection as more feel this is their year.”
Mr Bourne and Mr Banning had 62 groups through the door over the campaign. They also issued six contracts — all to the first home buyers.
The unit occupies 87sqm and came with a bathroom and secure parking space. There is also a Caesarstone gas kitchen with European appliances.
Mr Scerri said the property occupied one of the best addresses in Lane Cove, with the village and buses to the city right on your doorstep.
It had been owned by the vendors since they purchased the property from the developers in 2013 for $570,000, according to CoreLogic.
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