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Successful bidders Kevin Kong and Mee Chen have secured a rare entry-level home in Sydney's inner suburbs.Photo: Julian Andrews
A young couple have secured a rare “ideal entry-level home” in a Sydney suburb that has sold at auction for $1.62 million.
The lucky buyers of the Alexandria home were young professionals Kevin Kong and his partner Mi Chen.
Kong, a data analysis expert, said he remained calm and collected throughout the hotly contested auction and felt “not bad” even after the gavel fell on the winning bid.
The couple already own a home, but said they had been looking in inner-east and inner-west suburbs for the past three or four months.
Auctioneer Damian Cooley brings down the gavel on the sale.Photo: Julian Andrews
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“It will be an investment initially, but we plan to expand it further after that,” Kong said.
Location and renovation potential were the main factors that attracted the couple to this property.
“Right next to the new underground and Redfern upgrades.”
“Eventually we'll put the whole back down and start over, but it's going to be a long process,” Conn said.
The home at 40 Kingsclear Road attracted buyers with dual access to Kingsclear Lane and the potential for additional off-street parking.
The sale attracted a large audience consisting mainly of young professionals and young couples.Photo: Julian Andrews
Brad Gillespie, listing agent with The Agency, said more than 100 groups visited his home during the campaign.
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The home was guided for $1.375 and sold just over the vendor's reserve of $1.6 million.
The auction attracted a large crowd, with eight registered bidders and four active bidders, all of whom were young professionals and couples.
Damien Cooley takes the hammer for $1.62 million.Photo: Julian Andrews
The house had a quaint cottage exterior with two floors.
Master bedroom on the upper floor of the house.
“It's a great entry-level home on a cul-de-sac.'' It has recently undergone renovations, so there is potential to renovate the house and convert the courtyard into a parking lot,'' Mr Gillespie said.
With a quaint and distinctive façade, the two-bedroom home is light-filled on the second floor, which includes the master bedroom.
Gillespie said the vendors were happy with the final result.
“Good. We arrived at the reserve without any discussion or prompting.”
The Alexandria home had dual access and the possibility of off-street parking or expansion.
The buyer intended to make further renovations, but the interior had recently been renovated.
Gillespie said there isn't a lot of inventory for homes around $1.5 million in the city center.
“There's a shortage of these types of properties this year,” Gillespie said.
“Inventory has been low this year, with three- and four-bedroom homes selling instead of traditional one- and two-bedroom terraces.”
living room in the house.
Gillespie said most sales in the area this year were in the $1.9 million to $2 million range.
“All I'm saying is that rising interest rates honestly haven't had any effect. We've been talking about this for 12 months and people are now accepting it and moving on. There is.”
According to PropTrack data, the median home price in Alexandria is $1.895 billion, with 52 homes sold in the past 12 months.
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