Latest public housing property sale shows buyer confidence is returning

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Auctioneer Michael Carolan in action at 32 Edward St in Narraweena.

The State Government tipped a tidy $1,355,000 into its piggy bank on the weekend, after selling a northern beaches public housing property in a hotly contested auction.

The sale of 32 Edward St, Narraweena, is the second State Government-owned property to be auctioned in the suburb in as many months.

Bidders at the auction.

And the strong result heralded a bold return to buyer confidence, off the back of the Federal Election result, APRA announcing it was relaxing home lending criteria, and an expected interest rate cut, possibly as early as next week, when the Reserve Bank of Australia holds its monthly meeting.

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In March, a similar public housing property at 67 Oceana St, sold under the hammer for $1.15 million.

James Hawley, of Stone Real Estate Dee Why, said about 150 people turned out to the auction, with 13 bidders registering. Bidding started at $1 million.

“There was plenty of bids, plenty of competition,” he said.

The home at 32 Edward St, Narraweena.

The backyard.

Mr Hawley said the result — $205,000 more than the previous property sold for, was a sure sign that confidence was back in the market.

“The buyers are back, and they want to buy,” he said.

The two-bedroom, full-brick Edward St home is in original condition and offers plenty of potential, either as a renovation project or a knockdown/rebuild (subject to council approval).

The house is on a 689sqm block and centrally located close to Narraweena shops, cafes, schools and transport.

A blank canvas.

The kitchen.

The interiors have been untouched and provide a blank canvas for renovators. The home is solid brick and has high ceilings, a large loungeroom, eat-in kitchen with gas cooking, original bathroom and separate laundry.

Mr Hawley said Narraweena was in the middle of a major rebirth, with older-style homes making way for new houses. It has become a hot spot for young families who love the location, the large bock sizes and proximity to transport, schools, beaches and shops.

“It’s probably one of the last really affordable suburbs,” he said.

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