Grandparent helps FHB beat Sutherland two-bedroom unit record

A two-bedroom apartment in Sutherland has been sold for $615,000 by Raine & Horne Miranda, creating a record for this type of property in the area.

Pointing to retirees as the ‘major factor’ in securing a record price, despite it being sold to a first home buyer, the 18-month old north-facing apartment, at 3/7 16-720 Princes Highway, Sutherland, had 28 groups at the open inspections.

RP Data records that two-bedroom, two-bathroom neighbour at 2/7 sold for $546,000 in early February. Sutherland's median price for units is $450,000, with $410 per week rent.

Principal of Raine & Horne Miranda, Anthony Bouteris, said that this beat the previous record by $45,000. Sold at private treaty, the affordability of the area and low interest rates are said to have been encouraging buyers.

“This time last year, a near-new two bedroom apartment of this calibre would have attracted about 14 groups,” said Bouteris. 

Downsizers from Gymea Bay, Lilli Pilli and Caringbah were a dominant group at the open inspections for this property and others in the area.

“Although this property sold to a first home buyer from Hurstville, who had the support of a cashed-up grandparent, the majority of aspiring buyers are empty-nesters looking to shift from bigger homes to apartments closer to shopping centres such as Westfield Miranda, as well as better medical and transport services,” he said.

The first floor apartment’s price isn’t far off of that of an older two-bedroom house at 30 Auburn Street, Sutherland that recently sold for $717,000.

Due to this interest, Bouteris predicts that 15% growth is expected for the area and surrounding suburbs this year.  

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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