Three young upsizers battled it out at Saturday’s auction to buy a classic redbrick house in Lane Cove, with the buyer going $40,000 above reserve to secure the keys.

As banks reassess loan preapprovals and buyers weigh up the costs of renovating, agents say the market is correcting at a rapid rate.

Three young upsizers battled it out at Saturday’s auction to buy a classic redbrick house in Lane Cove, with the buyer going $40,000 above reserve to secure the keys.