My most recent sale of an unrenovated terrace at 5 Church Place, Paddington shows that the market is still very healthy in many respects.
The vendor of this property was not keen to go to Auction due to the high cost of marketing by this method and his belief that the property may prove difficult to sell due to its poor state of repair. After carrying out extensive comparable property research, I suggested that he consider an internet only campaign strategy with an indication of price to be advertised as “Offers above $800,000″. This was agreed to and preparations were underway swiftly.
The first open house was conducted on Saturday July 21, 2012 and more than 50 separate parties inspected the property within the 45 minute period. Several offers were fielded with one being acceptable to the vendor subject to a building and pest report being undertaken by that purchaser. Several new and follow up inspections were conducted over the ensuing 5 days where upon a further offer was submitted significantly higher than the first the vendor had accepted. With the building and pest inspection proving satisfactory to the first prospective buyer, the owner gave them the opportunity to match the much higher subsequent offer. They agreed to this and an exchange of contracts was effected late on Thursday evening July 26.
My vendor was very satisfied with the result. He achieved his goal of a prompt sale for a price of $900,000 which was well above his expectations based on a high profile competitor agent’s appraisal of value, and for a minimal marketing outlay of less than $1300.00 compared to an Auction campaign cost of $8500.00
Buyer interest in the property was varied. Young couples looking to renovate and reside, builders and developers looking for a quick turnover profit, longer term investors with self managed super funds, and mature buyers looking to purchase with a view to retirement. Suffice to say that the market while “patchy” is still alive and kicking.
My message here is that you don’t need a big name to get a great result !