August property purchases

Single-fronted property in Richmond

Our clients came in wanting a double-fronted home in Richmond. However once we tested the market, it was clear that the price point had moved past them. Rather than forcing it, we pivoted quickly to single-fronted options in prime streets with development upside. On auction day there were four active bidders. Because we knew the buyer profile we set the tempo early, controlled the increments, and kept emotion out of it. As a result we secured a fantastic single-fronted home, well under budget with scope to extend before that market segment stepped up another notch. A great outcome.

Thomastown investment villa 

Purchased at auction in a fiercely contested market, there were 6 bidders. We took control right from the start which made it clear to other buyers we were playing for keeps and this intimidation element had the desired effect with bidders dropping out and the eventual under bidder saying “they were not going to buy it so let him have it”. This was great result for a quality 2 bedroom villa only a very short distance to trains, shops and cafes. This property will provide great capital growth and rental yield.

Leafy Blackburn home 

The successful price achieved for the client, with this acquisition, was all in the set up prior to Auction.

After various conversations with the selling agent, we were of the understanding that there was little to no interest in the home; whilst we still prepared for competition at Auction with our budget limits, the narrative with the selling agent, was we’ll only have a limited budget in the middle of the Agents ESR of $2,100,000 - $2,300,000.  With an opening bid of $2,000,000 and a response from the selling agent as a Vendor bid of $2,100,000, the property was passed-in to BA as we still held the highest bid. With a reserve of $2,350,000 a negotiation ensued, and BA walked away with the keys for $2,212,500.

Coolaroo home

This acquisition was a circumstance-based scenario. BA initially had the client on another property around the corner yet decided not to pursue this one as this location was better. A similar home on similar land it was our professional opinion that both homes would sell into the $600,000’s. After an initial conversation with the selling agent on the first property we were thinking of making an offer of $626k prior to Auction. After much discussion, BA and the client decided to pursue this property, in a better location at a lesser price just to test the waters.

An offer of $612,500 was documented two days out from Auction that was tantalising enough for the owner to question whether they would be successful achieving this price the following Saturday. With the offer being accepted should no one else want to contest it, the property was “on the market”. BA was contested by another party that offered $618,500 with BA securing the property for $619,000. It was very interesting to note that the other property in an inferior location that we ended up not pursuing sold the following Saturday for $625,000.