First home buyers also snapped up a house in Thornbury after it passed in on a bid of $810,000.Agents say some buyers are waiting for prices to drop further before making an offer.A first home buyer beat investors and downsizers for a stylishly renovated two-bedroom house in Altona North at auction on Saturday, paying $771,000.and half of those were first home buyers, looking to get into the market before the next interest rate rise expected in August.
A flurry of bids followed, and the competition pushed the sale price to $771,000 – $121,000 above the reserve.A lot of the bidders for the two-bedroom home were first home buyers.Anile said first home buyers are in the market for properties at the right price and have set budgets despite interest rate rises.
First home buyers also bought an almost 100-year-old home in Thornbury after it passed in at auction., a mix of modern features and Edwardian-period charm, passed in on a bid of $810,000. After a quick negotiation it sold for $850,000 – the top end of the asking price range.
Why would you rush to get a mortgage before the next rate rise when mortgage caps generally last for only 2 years, once on that track rates will probably rise for 5 years) and as they do, prices will come down? Not good maths. Guessing the motivation was the 'stylish home'.