There's no doubt uncertainty in the market with the rise of interest rates.
And as auctions across the combined capital cities continue to have mixed results, one Sydney vendor walked away happy on Saturday with their property selling over reserve.
The very unique abode at 73 Liberty Street in Enmore, which features the pride flag and a Freddie Mercury mural on the exterior, sold for $2 million, over its asking price of around $1.8 million.
Agent Chris Akkawi of Urban Lane told Nine that there were three registered bidders.
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The dual-level terrace may feature the pride flag and a mural on the outside, however the interiors are a far different story.
A very subdued and minimalistic aesthetic is felt throughout the open-plan layout with just subtle pops of colour here and there.
Containing three bedrooms and two bathrooms, the abode boasts elegant travertine flooring, polished timber floorboards, whitewashed walls and plantation shutters.
A subtle pop of colour is only found in the stylish kitchen with a retro red splashback, and the bathrooms contain a soothing colour palette of grey, white and timber.
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The one of a kind property is also an entertainer's dream with a patio and DA approved plans for a rooftop garden, valid until February 2024.
The new owner will be able to move into the property without having to do extensive renovations on the interiors.
New data shows that the rate of home renovations is slipping as interest rates rise.
On Tuesday, the Reserve Bank of Australia increased the nation's cash rate, this time by 0.25 points to a nine-year high of 2.6 per cent.
The increase is the sixth consecutive since the RBA started lifting rates in May this year.
As property prices slip backwards, due in part to higher interest rates, renovating is a method for improving value.
But the ambition of adding more space or modernisation is tempering, as the cost of a renovation blows out, hand-in-hand with cash rate increases, and builders and tradies trickle to a scarce supply.
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