We speak to the team behind the most intriguing recent property sale.
The property: A three-bedroom townhouse at 1/2 Lindsay Street, Brighton, Victoria. Sold at auction for $2,155,000.
Who was the agent/agency? Matt Cleverdon, Nick Johnstone Brighton.
How long was this on the market? [Matt] It ran over four weeks – a straight auction campaign.
Why did this one sell? It was on a good street and had good engagement – that was a big part of it.
Was it overpriced? We thought where we were quoting was fair in the market.
What did you think it would go for? $1.7 million and a bit. I quoted $1.7 million to $1.8 million in the first week. People were shocked a bit at the price and buyers thought we were putting a bit high. That was what the market was telling us. Then we quoted it at $1.6 million to $1.7 million, which some people were saying was still a bit high.
What was surprising about it? The person that bought just happened to be passing and then came back for another look. That was a Friday lunchtime. We were opening the property about 40 per cent more than usual. Rather than just opening on a Saturday and a Thursday afternoon, sometimes we had them twice a day. We were opening Thursday but also Wednesday lunchtimes; Thursday evenings, Friday lunchtime, Saturday and Sunday. I’d go in on my way to work. We’d get one or two people coming in on their way to work – every number counts in this market.
People are coming out of $4 million to $5 million homes. Maybe they don’t want to live in an apartment. By opening it more you come across a few more buyers who are willing to pay for it. We met the buyer on a Friday open, then had him through on the Sunday. The underbidder came through on a Thursday morning. One other bidder came through on a Sunday. We opened it to more people by doing that.
We had 81 bids from four bidders. We haven’t seen too many auctions for a while that have generated so many bids.
Do you reckon we’ll see another result like this: a) next week b) next year c) next cycle d) never?
a) I’d like to think we can get one next week. We’re tracking three in a row – all have exceeded their reserve.