The sounds of loud cheers and clapping rang through a quiet street in Sydney’s west this morning, when a hopeful young house hunter snapped up his first home.
Craig Burke, 29, shocked other eager buyers and the crowd of about 50 people when he placed a late bid of $522,500 for the deceased estate at 26 Toorak Cres, Emu Plains.
At first, auctioneer Lee Waterhouse of Property Central Penrith went back and forth between two parties, who pushed the $400,000 starting bid up in $20,000 jumps until bidding slowed at $516,000, and then rose in $1000 increments.
But the young man from Narellan pushed one bidder out of the competition with his first bid, and then took out the other buyer with the winning bid of $527,000.
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Surrounded by family, a relieved Mr Burke told the Telegraph he was “over the moon” with his long overdue purchase, a three-bedroom house on a 576 sqm block.
“This is my first home — I have been saving for a long time, about five years,” Mr Burke said.
“After the 2013 price hikes, everything started to become out of my range so I chose to bide my time and kept putting money aside,” he said.
And his patience paid off, with the excited buyer putting a deposit down after the hammer fell.
He managed to secure it for well below the $687,500 median house price in Emu Plains.
The price was also a whopping $450,000 less than Sydney’s current median house price, according to the latest CoreLogic figures.
“I had set myself a cap of $520,000 but stretched myself the extra $7000 because to get a price like that in this area is remarkable.”
Despite living out of the area, Mr Burke works and has friends in the Penrith region.
He plans to relocate and move into the old home straight away, with plans to start renovating.
Beyond the brick facade, the single-level house features timber floors and downlights.
It has a central living area leading to a kitchen, with pink cabinetry, and a tucked away bathroom that comes with a corner spa.
A meals area off the kitchen connects to a covered rear deck via glass doors, which the buyer loved.
The site also has an internal laundry and a detached single garage.
Mr Burke said he was pleased the home was in a cul-de-sac with friendly neighbours on either side.
The popular house sold through Property Central Penrith’s Cameron Faico, who had about 100 inspections during the auction campaign.
He said despite the work needed inside, the property was at the foot of the Blue Mountains and had leafy views, which was a selling point, along with the $450,000 price guide.
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“It is a pretty quiet market at the moment so to have more than five registrations that led to a sale was great,” Mr Faico said.
“The sellers were happy. Their initial expectations were around $600,000 but after the first week of marketing they saw where the market sat and adjusted that accordingly, which worked in their favour,” he said.