Upgraders win in Lilyfield as Sydney records another strong...

Upgraders win in Lilyfield as Sydney records another strong clearance rate of 82.5 per cent.

It was billed as an ‘‘exciting first home opportunity’’ but, when the hammer fell, it was clear the first-timers never stood a chance.

The one-bedroom Lilyfield cottage had a price guide of $650,000-plus but sold for $777,000.

Despite many arriving with their parents in tow at the Saturday auction of 14 Cecily Street, it was a second home buyer who was able to push the price $57,000 over the $720,000 reserve.

‘‘I’ve been looking for about 16 months now and just found prices have gone up by about $100,000 within that time frame, so it has been quite crazy,’’ said the successful bidder, Kate Winchcombe, who is upgrading from an apartment in Drummoyne.



‘‘I feel that the market is quite inflated at the moment, I’ll probably get a good price on my unit as well, so that does help.’’

Across Sydney there were 621 properties scheduled for auction on Saturday with the market showing no signs of cooling down. Australian Property Monitors reported yet another strong clearance rate of 82.5 per cent from the 412 results received on Saturday evening.

Cobden & Hayson co-director Matthew Hayson, who sold the Lilyfield property with Renae Dickey, said second home buyers often have ‘‘a bit more experience and tenacity and maybe even a little bit more equity’’.

Mr Hayson said many first-timers were depending on their parents in order to compete with upgraders, investors and baby boomers.

http://smh.domain.com.au/real-estate-news/no-joy-for-first-timers-at-auction-20140308-34dud.html