First home buyers at Sydney auctions hope the market might be a little less ‘untouchable’ at last

Dreams of home ownership feel closer for some as property prices cool across Australia’s capital cities

On a crisp winter Saturday morning, newlywed couple Ruban Parajuli and Arya Katel stand among more than 60 prospective buyers at a house auction in Sydney’s inner-west suburb of Glebe.

For the 25-year-olds, who have just begun house-hunting, attending their first auction is “a bit scary”.

“Everyone else here is a little bit older than us, so it’s a bit daunting,” Parajuli says. Katel adds: “Also, we’re on a very restricted budget.”

Within minutes of the auction beginning for the two-bedroom, one-bathroom house, bids go up by more than $200,000, forcing the couple to bow out.