First home buyer outbids seven others for $943,000 unit in Mortdale
A first home buyer secured a two-bedroom apartment in Mortdale for $943,000, outbidding seven other parties at auction. The property, listed with a $800,000 reserve, attracted strong interest despite a slowing market. This occurred during the first auction weekend following federal changes to tax concessions on investment properties.
- ▪The apartment at 3/35 Oxford Street in Mortdale sold for $943,000, well above its $800,000 reserve and guide price.
- ▪Fifteen bidders registered for the auction, with eight actively participating, and the successful buyer was a young man purchasing his first home.
- ▪Domain Group recorded a preliminary auction clearance rate of 51% for Sydney that week, down from 55% the previous week, indicating a weakening market.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.