Extraordinary ‘Ocean’s Mansion’ sale defies cooling market

While the property market softens, Daniel Patterson and Alexander Trovato proved that seasoned negotiation skills and a structured, well-executed campaign can garner extraordinary results in any climate.

The magnificent five-bedroom deep waterfront landholding at 42 Drummoyne Avenue, Drummoyne is undoubtedly one of the area’s finest properties, complete with a mooring pen and slipway. Last year, when the market was at peak strength, it fetched a colossal $13.125m. So how did Daniel and Alex manage to trade the home less than a year later for a sum above this in a challenging economic environment?

Daniel’s intimate market knowledge and vast experience in selling luxury local real estate secured the listing. He comments, “We agreed on running an Expressions of Interest campaign which is a tried and trusted method of discretely ascertaining the level of interest in a property of this calibre, with few sales to compare it to. The marketing schedule was strategically designed to place the home on the radar of all key luxury buyers in the market. With many of these buyers already known to us, relationships were a key element in the success of this sale. 

“As an aspirational piece of real estate it was in high demand and received a tremendous amount of publicity from journalists and major real estate portals. From this platform we were able to execute a well choreographed sales campaign which induced competition from multiple parties.

“We exchanged contracts within 29 days on the market and in doing so secured Drummoyne’s second highest sale price for 2022 and fourth most expensive sale price ever when it traded on 6 September. Our clients were elated with the result and how rapidly it was achieved and we were really proud of the fact that we able to uphold the intrinsic value of a very special property despite the cooling market conditions.