A father bought a four-bedroom terrace in Sydney’s Zetland for $2.23 million so his university student son can live there while studying. The purchase highlights competition for homes in the city’s inner suburbs, where couples and families seeking more space are among the active buyers.

The home has 135 square metres of internal space, a double garage and a rear second storey. Three bidders registered, and the father raised his own bid from $2.19 million to $2.23 million after bidding began at $2 million; the sellers had paid $2.03 million in 2021. Across Sydney, 1,029 properties were scheduled for auction that week, 51 per cent of auctions were successful, and 232 properties were withdrawn beforehand.