A 95-year-old woman has revealed her plans for the future after selling the home she lived in for 62 years for $2.7million at auction.Â
More than 70 people gathered at the elderly woman’s bungalow on 55 Tyrell Street in Nedlands, west Perth, on Saturday as five active bidders fought over the property in a flurry of more than 20 rapid-fire bids.Â
The tense auction came down to $500 increments before the quarter-acre block was finally sold to a local family who plan to build a new home on the site.Â
When asked what she planned to do after selling her property well above reserve, the woman simply said: ‘Start thinking about my future.’Â
She revealed she would be moving in with her older sister at an aged care home.Â
Ray White listing agent Thomas Jefferson Wedge, who managed the sale, described it as an ’emotional day.’Â
‘This sale is a great story for the neighbourhood. It’s one of the most prestigious streets in Nedlands and opportunities like this are rare,’ he said.Â
‘The energy on the day reflected that.’
A 95-year-old woman (pictured with Ray White listing agent Thomas Jefferson Wedge) sold her home of 62 years for $2.7million on SaturdayÂ
The tense auction in Nedlands came down to $500 increments before the quarter-acre block was finally sold to a local family who plan to build a new home on the site
The woman had owned the three-bedroom, one-bathroom home since 1963, and the staggering price highlights just how dramatically property values in the area have risen.Â
According to data from the Real Estate Institute of Western Australia, the median house price in Perth at the end of 1963 was around $12,000. In Nedlands – one of the city’s most exclusive suburbs – homes were likely selling for $15,000 to $20,000 at the time.Â
Back in 1963, the average annual salary was about $2,400, meaning a $15,000 property would have cost roughly 6.25 times the typical yearly income – and up to 8.3 times for a $20,000 home.Â
By contrast, the average salary in Perth today sits between $98,000 and $112,000 – making the $2.7million sale price more than 24 times the average annual income.
Nedlands’ median house price has surged 8.4 per cent in the last year alone, now sitting at $2,492,500.Â
The sought-after suburb is just seven kilometres from Perth’s CBD, close to Cottesloe Beach, Kings Park Botanic Garden and major hospitals, with Swan River only blocks away.
This growing affordability gap is weighing heavily on young Australians like Jin, 23, who is set to graduate from the University of Sydney this year with a Bachelor of Science majoring in data science and accounting.
Jin plans to live at home with his parents to save money, rather than spend a large portion of his income on rent.Â
Jin, 23, is graduating at the end of this year, but is still planning to live with his parents due to housing affordability Â
‘The average salary of an auditor or any graduate role is not enough to have a balance – I would say 40 per cent of your salary will go to rent,’ he said.
‘How are people supposed to afford houses or go on holidays or have mortgages?’
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Granny celebrates after selling house for insane price – but it exposes a major problem with Australia