Scary time for $1.5m buy, The Australian, 4 December, 2003.
Scary time for $1.5m buy: [2 All-round First Edition]
Alison Rawle, John Stapleton. The Australian; Canberra, A.C.T. [Canberra, A.C.T] 04 Dec 2003: 1.
Abstract
She thinks it was her good fortune to be bidding on the night when the increase in loan rates frightened off bidders and took some of the frenzy out of the overheated Sydney property market.
Ms Long said she was smitten with the large home at Crows Nest on Sydney's sought-after lower north shore because it was perfect for her teenage boys -- but she was worried she didn't have enough money.
L.J. Hooker auctioneer Alan Ross, who conducted the auction, said he believed Sydney was still a growth market.
Full Text
FOR Primrose Long, the interest rate rise makes the property market scary. So scary, the single mum with three boys reckons it's a good time to put down $1.5 million for her dream home.
All day, ahead of last night's Sydney auction, she was telling herself: "I'm not going to get it, I'm not going to get it."
But she thinks it was her good fortune to be bidding on the night when the increase in loan rates frightened off bidders and took some of the frenzy out of the overheated Sydney property market.
Ms Long said she was smitten with the large home at Crows Nest on Sydney's sought-after lower north shore because it was perfect for her teenage boys -- but she was worried she didn't have enough money.
"My friends said the market's down, you've got a chance," she said.
As the bidding went higher, beginning at $850,000 and rapidly topping $1 million, most of the bidders dropped out, leaving just Ms Long and another bidder. "They were gorgeous gay guys," she said.
But at $1.45 million, the pair dropped out, saying: "We're out. We want that nice lady over there to get it."
An excited Ms Long closed the deal at $1.5 million, saying: "I'm shaking."
She would have gone higher. Having sold her previous house before the market slowed, she had the cash.
"Everyone is really scared," she said. "The market has soured very quickly. Properties are being passed in. That was the only thing that made me feel confident."
Agent Ivo Porfiri, who did the bidding for Ms Long, said: "For anyone buying, it's a good time, there's no dispute about that. I'm encouraging buyers to buy now."
He said prices would pick up again as soon as people realised how good the economy really was.
L.J. Hooker auctioneer Alan Ross, who conducted the auction, said he believed Sydney was still a growth market.
"We're still seeing strong buyer inquiries. People are just taking a little bit longer about their decision-making."