{"id":41739,"date":"2025-08-04T01:59:10","date_gmt":"2025-08-04T01:59:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/41739\/"},"modified":"2025-08-04T01:59:10","modified_gmt":"2025-08-04T01:59:10","slug":"granny-celebrates-after-selling-house-for-insane-price-but-it-exposes-a-major-problem-with-australia","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/41739\/","title":{"rendered":"Granny celebrates after selling house for insane price – but it exposes a major problem with Australia"},"content":{"rendered":"

By ASHLEY NICKEL<\/a> <\/p>\n

Published: 20:07 EDT, 3 August 2025 | Updated: 20:52 EDT, 3 August 2025 <\/p>\n

A 95-year-old woman has revealed her plans for the future after selling the home she lived in for 62 years for an extraordinary $2.7million at auction.\u00a0<\/p>\n

More than 70 people gathered at the elderly woman’s bungalow on 55 Tyrell Street in Nedlands, west Perth<\/a>, on Saturday as five active bidders fought over the property in a flurry of more than 20 rapid-fire bids.\u00a0<\/p>\n

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.\u00a0<\/p>\n

When asked\u00a0 what she planned to do after selling her property well above reserve, the woman simply said: ‘Start thinking about my future.’\u00a0<\/p>\n

She revealed she would be moving in with her older sister at an aged care home.\u00a0<\/p>\n

Ray White listing agent Thomas Jefferson Wedge, who managed the sale, described it as an ’emotional day.’\u00a0<\/p>\n

‘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.\u00a0<\/p>\n

‘The energy on the day reflected that.’<\/p>\n

A 95-year-old woman (pictured with\u00a0Ray White listing agent Thomas Jefferson Wedge) sold her home of 62 years for $2.7million on Saturday<\/p>\n

\"A <\/p>\n

The\u00a0quarter-acre block on 55 Tyrell Street (pictured) in Nedlands, west Perth, was sold to a local family<\/p>\n

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.\u00a0<\/p>\n

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 \u2013 one of the city’s most exclusive suburbs \u2013 homes were likely selling for $15,000 to $20,000 at the time.\u00a0<\/p>\n

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 \u2013 and up to 8.3 times for a $20,000 home.\u00a0<\/p>\n

By contrast, the average salary in Perth today sits between $98,000 and $112,000 \u2013 making the $2.7million sale price more than 24 times the average annual income.<\/p>\n

Nedlands’ median house price has surged 8.4 per cent in the last year alone, now sitting at $2,492,500.\u00a0<\/p>\n

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.<\/p>\n

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.<\/p>\n

Jin plans to live at home with his parents to save money, rather than spend a large portion of his income on rent.\u00a0<\/p>\n

\"Jin, <\/p>\n

Jin, 23, is graduating at the end of this year, but is still planning to live with his parents due to housing affordability\u00a0 \u00a0<\/p>\n

‘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.<\/p>\n

‘How are people supposed to afford houses or go on holidays or have mortgages?’<\/p>\n

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