Sydney Property Auctions: First Home Buyers Compete for City Apartments

In the midst of Sydney's competitive real estate market, a first home buyer from the northern beaches successfully secured a one-bedroom apartment in Glebe for $815,000 at auction on July 12, 2025. The property, which boasts stunning views of the Harbour Bridge and the city skyline, was located at 14/12 Avona Avenue and was initially guided at $630,000 before being adjusted to $655,000. The reserve price was set at $710,000 despite the absence of a legal obligation for the vendor's reserve to align with the property's price guide.

Ada Mastronardo, an agent with BresicWhitney Balmain, reported that an offer of $710,000 was presented a week prior to the auction, which the owner ultimately considered acceptable for sale. The unit is situated in a classic brick building and is described as having low upkeep, featuring a retro blue kitchen and a balcony perfect for enjoying the city vistas. With 23 registered bidders, the auction saw strong competition, particularly from first home buyers and investors seeking city boltholes.

The property was one of 499 scheduled to go under the hammer that day, a reflection of the robust auction activity characteristic of Sydney's real estate landscape. The Glebe unit previously sold for $435,000 in 2011, indicating a notable appreciation in value over the years.

Contrastingly, in Girraween, a three-bedroom single-level brick home at 82 Maunder Avenue fetched $1,731,000 at auction. This property, appealing to downsizers, had no pre-auction price guide but was expected to align with comparable sales in the area, which were around $1.65 million. Lachlan Smith from LJ Hooker Toongabbie noted that the auction attracted three registered bidders, with two actively participating. Bidding commenced at $1.5 million and progressed in increments, showcasing strong buyer interest despite the winter season.

According to Domain data, Glebe's median unit price has seen a decline of 9.9% to $940,500 over the past year, while Girraween's median house price has increased by 3.2%, now standing at $955,500. The varying trends highlight the localized nature of Sydney's property market dynamics, where individual property features such as views, location, and access to school catchment areas play crucial roles in buyer decisions.

Mastronardo emphasized the importance of these attributes, stating that despite fluctuations in interest rates, the performance of the market often hinges on the unique characteristics of specific properties. The continued activity in the auction market, even in the colder months, suggests a resilient demand for entry-level properties and a shift in buyer motivation following recent rate cuts.

As Sydney's real estate market evolves, the competition for desirable properties in prime locations remains fierce, underscoring the significance of strategic planning for both buyers and sellers in navigating this dynamic landscape.