Sydney property auctions see increased first home buyer competition

First home buyers are driving competition in the Sydney property market, according to recent auction results. In Kensington, a couple purchased a two-bedroom apartment for $982,000, exceeding the reserve price by $62,000. The auction saw higher than expected interest, with twelve groups registering to bid.

Real estate professionals suggest that rising rents and softening property prices are incentivizing renters to transition into homeownership. Demand remains particularly strong for properties priced under $1.5 million in the eastern suburbs, provided they lack significant issues such as poor lighting or high strata levies.

In West Pymble, a three-bedroom brick home sold for $2,038,000, which was $163,000 above the reserve. These sales were part of a larger schedule of 512 auctions in Sydney this week.