SELLERS TAKING ADVANTAGE OF BOOMING MARKET

After a couple of years of tight supply, we saw an upswing in new listings hitting the market last week, with vendors looking to make hay while the sun shines and capitalise on the booming conditions.

With sellers eager to launch their campaigns and secure a sale before the Easter holiday period, this increase in supply has been welcomed by eager buyers, with huge numbers in attendance at our open homes. A number of recent sales highlight the pent-up demand in the market and the great results being achieved through insightful strategy, astute marketing and strong negotiations.

8/169 Darling Street, Balmain

Samantha Elvy and Jack Tinworth sold a boutique townhouse with Barangaroo views at 8/169 Darling Street, Balmain, which generated more than 200 inspections with in excess of 30 contracts issued. Following this huge interest the price guide was adjusted to reflect the market.  

Samantha comments, “We were referred to the client, who was interstate, by a solicitor. The market at the time was characterised by strong demand driven by lack of stock. We engaged an auction strategy and stuck to it, trusting in the process in a competitive market backed up by a solid marketing campaign.

We provided the right advice and direction to our client, with clear communication to ensure they were well informed throughout the process. In the end 18 registered bidders battled it out at auction with the property selling for just north of $2.7m. This price was testament to the strength of the market and the benefit of the competitive auction environment in leveraging that strength.”

4 Ryan Street, Lilyfield

Ralph Daher recently sold 4 Ryan Street, Lilyfield, a stylishly rebuilt weatherboard cottage, for around $2.1m prior to auction. Ralph comments, “The owners purchased the property through us and we developed a great relationship, stayed in touch and even helped them through the renovation process with advice on how to maximise value. Highlighting the level of local demand in the market, we had 12,000 views online, 80 enquiries and four contracts issued.

Two weeks before we put it on the open market we invited buyers through and this is when the eventual purchasers first saw the property. We had been assisting these buyers for some time and knew this home ticked all the boxes for them. It was then listed live and sold to them within five days. Although the property sold prior to auction due to the amount of interest we received, all buyers and contract holders were given the opportunity to participate in placing offers.

We made sure the whole process ran smoothly and that we got the right buyers through, which made it easy for both owners and purchasers. Transparency with price and an accurate valuation were integral in generating the attention the property received and the great result we achieved.”

6 Pretoria Street, Lilyfield

Rosemary Chen sold 6 Pretoria Street, Lilyfield, a beautifully renovated freestanding four-bedroom period home for $2.385m. Rosemary comments, “We were able to secure a tenant for this property when we originally had it on the market when COVID hit last year. When we sold another nearby property this year, we engaged the under-bidders and most active buyers of that campaign to view the home. We managed to secure a sale during the tenancy which meant that almost no extra was spent on marketing by the owner.

This sale highlighted the effectiveness of an off-market strategy with no online marketing, just phone calls to buyers we knew. It was about strong buyer management and knowing what they were after. It was just a matter of making the process as easy as possible for buyers, bearing in mind that the property was tenanted. The difference between the 2020 and 2021 markets was significant and we managed to successfully navigate our way through both climates.”

9 Warwick Street, Stanmore

Stephanie Zerial sold a potential-packed two-bedroom semi at 9 Warwick Street, Stanmore for $1.45m. The sale really highlights the power of relationships, with vendors always eager to put their home in the hands of someone they trust. Stephanie comments, “This property actually belonged to my neighbour who had lived there for 60+ years and raised two children there, so you can imagine the emotional connection she had to the home. She’s known me since birth and I was honoured when she entrusted me with the sale.

I helped her clear out the house and got it looking its best for marketing and inspections, which was made more comfortable for her by the fact that we knew each other so well. I showed a potential buyer though on the Wednesday and took them back through Thursday morning. They made an offer my client was happy with and it was accepted and sold then and there. The entire process was made extremely stress free, quick and comfortable for my client, helping to make her transition easy, which was exactly what I wanted for her.”

At Cobden & Hayson, we are selling more property in a range of areas than our competitors, which provides deep insight into what is motivating buyers and sellers. As we meet more buyers each week, we quickly pick up subtle adjustments in sentiment and can adjust our guidance and information to match the mood of the market. We’re not a cookie cutter agency, we’re constantly evolving around the nuances of the market to ensure both buyers and sellers are provided with the most accurate and up to date information. We understand buying and selling can be a challenge but if an agent can provide genuine well-supported information it certainly helps to provide trust and comfort. Buying or selling? We’d love to help.