This client engaged Rose and Jones to source and secure a family bolt hole in Sydney’s Eastern Suburbs. In the short term, they needed a base for their daughter to attend University from. In the long term, they wanted an investment they could add value to.
The property needed the fundamentals of a solid investment, so we tailored our strategy to deliver this. After inspecting several properties both on and off-market, we ultimately purchased this home in Paddington. It is located in their preferred pocket, on arguably Paddington’s best street. The home also 6m wide, which is prized in the area. A good land bank in a tightly held locale, at the end of a cul-de-sac, it has easy access to the amenity of Paddington & Woollahra, including parks, schools and transport.
We initially inspected the property Off-Market. The price guide at the time was $400,000 above what we bought it for. We’d factored in the work required on the property and our analysis had provided strong confidence in the realistic purchase range. We determined that the property’s value for our client was not at that price point proposed by the agent.
Our strategy was to wait and watch the property, keeping strong communication with the agent to ensure we were ready for any price adjustment or competition.
The property didn’t sell off-market at the level they wanted. Three months later it was publicly listed and received an offer $500,000 below the initial asking price. Due to our relationship and strong communication with the agent we were notified immediately of this offer – which fell into our estimated purchase range.
We were then able to act quickly for our clients. We made a strong offer to eliminate competition and secured a quality asset that is scarce in any market. Our client was advantaged by the shift in sentiment.
