A property in Woy Woy was recently purchased by first-home buyers post auction for $620,000.
Agent Matthew Dawson from McGrath Ettalong Beach said the vendors were first-home buyers when they bought the property at 22 Dorothy Ave from him five years ago.
“The owners did a lot of work renovating the home – they bought it for $335,000 in 2013 so were very happy with the sale price,” he said.
The three-bedroom property included fresh paint throughout, new plumbing, electrical and flooring and a covered outdoor entertainment space.
Mr Dawson, who mostly sells property around the Peninsula, said that he had noticed a fair few first-home buyers nabbing property in the current market.
“There is talk at the moment of a falling market, but I’ve been an agent since 2011 when there was an oversupply of property and I’d say that now we’re just seeing more of a normal market.
“A lot of owners have ambitious price expectations because when the market was hot, you could put a crazy price on your house and probably get it. Now though, if you’re pricing your property sensibly, you’ll still come out OK.
“I’m seeing good auction clearance rates in my area. I recently sold 32 Camellia Circle, Woy Woy, under the hammer for $700,000. There were three registered bidders and the price guide quoted was $675,000, so it was a decent result, and another first-home buyer.”