A First Home Owner Pays $1M In Sydney's Hot Real Estate Market

Picture courtesy Getty Images

Despite rising house prices young people are getting in on the bidding to buy their first homes, with one student buying a Surry Hills terrace over the weekend for $1,094,000.

The 23 year old bought the two-bedder for $119,000 over the $975,000 reserve, but had a little help from her parents who said, “it gives her an opportunity to get a foothold into this market, which is very high.”

“We knew we had to contribute and try and make this happen for her.

“Even though the market is hot, I don’t think it’s going to get any easier in the future,” the parents of the university student told The Sydney Morning Herald.

Ray White Surry Hills agent Teresa Natoli has said it is becoming more common for parents to help out their kids in the “hot” market.

The Australian Property Monitors said this weekend 693 auctions were scheduled for Sydney and a whopping 1356 in Melbourne, and according to The SMH, property sales are up 30% from this time last year in both cities.

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