Young couple outbid downsizers for $2.3 million inner west home

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“Good properties and good locations are still doing well,” he said. “Up to $2.5 million is still good, but properties above that may struggle. There’s still a lot of demand.”

Burwood North Underground station is under construction and is expected to be completed within the next five or six years. A new shopping precinct, Burwood Place, is also planned.

But what’s attracting buyers now is the amenities available, including its proximity to public and private schools and its reputation as a foodie destination. Last year he was 16th in the rankings. Time Out’s annual list of the world’s coolest suburbs.

In Randwick, a pair of brothers rented a two-bedroom flat with a garage. 5/25 Cowper StreetHe won the property for $1.28 million, the same as the reserve.

The guide was $1,175,000 and there were four registered bidders, three of which were active.

Bids opened at $1,175,000, with initial increments of $25,000 and then slowing to $10,000.

Ray White Eastern Beaches agent Nick Wiggan said the light-filled corner flat in a small block of six had sparked interest, but it was the off-street parking that attracted bidders.

“It’s open on three sides, it’s in a really good upstairs spot, it’s really nice and bright and there’s access from the garage and the rear lane,” he said. “Garaging is becoming increasingly important in the apartment market.”