First home buyers outbid as neighbour snaps Waverley unit for $1.68m
An upstairs neighbour purchased a three-bedroom Waverley apartment for $1.68 million, outbidding five registered first home buyers.
The art deco unit at 2/4 Kent Street in Waverley sold for $1.68 million at auction on Saturday, $80,000 above its reserve. Six parties registered to bid, five of them first home buyers.
Only five actually participated in bidding, with the upstairs neighbour ultimately winning. The ground floor property came with one of only two lock-up garages in the four-unit block, a key draw for the buyer.
The property last sold for $520,000 in 2002.
- $1.68 million
- Sale price
- 5 of 6
- First home buyers registered
- $520,000 to $1.68m
- Price since 2002
- 2 of 4 units
- Garages in block
Why it mattersThe sale highlights the squeeze facing first home buyers in Sydney's eastern suburbs, where established neighbours and investors can outbid them.
AustraliaSydney's auction clearance rate is hovering around 48%, down from earlier highs, as first home buyers struggle against other bidders in a competitive market.
✓ Claims checked against the source and corrected before publish. checked 3 d ago
