How timing and strategy drove a suburb-record breaking sale $1m over reserve.
Selling at auction for $1m over the reserve, the sale of 25 Tripod Street marked highest price paid for a residential property in Concord this year. The recent sale of this immaculate Concord home demonstrated that while consumer confidence may be down, the property market is still moving.
This phenomenal sale was not simply the result of pure luck.
As Simon Furnari, Principal of Belle Property Strathfield, explains, “this property was the perfect storm of being a desirable home, available when there was low stock on the market, and positioned in an in-demand location.”
“After being on the market for 2-3 weeks, we knew that the luxurious warmth that this home had compared to other properties on the market could net a greater than expected outcome so focused on creating ways to maximize the property campaign.”
“Naturally, we were thrilled with the result, and I think it’s a testament to the team’s timing and strategy that we were able to drive such as exceptional sale in an already strong market area,” Simon adds.
One of the unique selling points was the exceptional standard of the property itself. Nestled in one of the Inner-West’s most sought-after suburbs and featuring luxury amenities including a gym/rumpus room, home office, and swimming pool, the property attracted 14 interested parties.
Simon explains that the open plan layout gave it wide appeal to those either looking at moving straight in or using the double brick construction and renovating the interior.
The team leveraged timing and lack of supply to their advantage, using an auction to fuel the competition that had been brewing during the property campaign which resulted in bids starting at $200,000 over the reserve before the auction even began and ultimately selling for $4.2 million on a $3.2million estimate.
Simon reflects on this, stating, “whilst the media talks about doom and gloom, one just needs to look around and see that the market is still moving, and properties are still transacting.”
“We are fortunate to be in an industry that never sleeps. With interest rates at an all-time low and NSW beginning to have a sense of normality in our day to day lives, we’re seeing consistently strong property prices with a number of street/suburb records being broken.”
The weekend that the sale took place, in fact, Sydney had the same clearance rate as same time last year, at 74 while the inner west was well in excess of that at 81.4 per cent according to Core Logic.
Simon sees opportunities for both buyers and seller in this climate. For sellers, it is a great market as high demand in a marketplace with lack of supply equals strong results. With record low interest rates, he says there is no better time for buyers to purchase and have the low rates locked in.
Be sure to read our other case study on buyer’s striking while the market is hot with Belle Property Strathfield. For more advice on buying and selling, visit our blog or reach out to your local Belle Property real estate expert today.