The PROPERTY DOCTORS, Sydney Australia Novak Properties

EP. 1347 - 'TALE OF THE SALE' - BUYING & SELLING A2/24 STURDEE PRD, DEE WHY

• Mark Novak, Billy Drury • Season 28 • Episode 1347

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Discover how patience and strategy led to a record-breaking sale in the competitive real estate market of DY. Ever wonder how a luxury two-bedroom apartment could fetch an astounding $1.57 million despite being listed for 70 days? We promise to reveal the secrets behind this remarkable sale, diving into strategic market research, standout features like a roomy courtyard and chic renovations, and the sellers' unwavering perseverance that ultimately paid off.

Join us as we unpack the details of a successful property campaign that overcame obstacles like pricing challenges and accessibility issues, drawing in 67 inquiries and around 50 visits. Learn about the art of targeting the right market and meeting buyers’ needs even in difficult circumstances. We'll also share insights into how the eventual buyer found unique value in this property, cementing a fantastic outcome in a tough landscape. Whether you're buying or selling, this episode offers invaluable insights into the intricate dance of real estate marketing and sales.

Speaker 1:

People love to know the nitty-gritty of sales. What happened, how it happened? We're gonna talk about sturdy parade two-bedroom incredible price for a two-bedroom unit and who bought it. Stage I'm the ringleader, so let's go, oh my god this is an exciting one. How are you?

Speaker 2:

Yeah, I'm good. As you said, everyone loves to know the intricacies of a sale. I think this is the best thing to do as well If you're considering buying or selling in a suburb. Study the recent sales Study, the growth of these properties. There's no better way to look at a suburb. Handpick at random 10 properties and if they've all made money, I think you can feel good about a suburb, knowing that you're buying a good investment.

Speaker 1:

And even your target market. I think if you're a seller like ooh, I wonder who bought that place, and you sort of start developing a pattern of, okay, I can see that it's downsizes and are buying stock like this, or I can see it's investors that are buying stock like that, so it's nice to know your target market.

Speaker 2:

Yeah, so we're going to share the intricacies of a property today. Now I'm going to put a little share screen in place so you can, um, have a look here. It's been a while, billy bob's been a while since you've shared a screen. Yeah, feels good to be back now. This was a very unique apartment in dy. It was like a house. It's a house like alternative ground floor, courtyard and a bit of garden 187 square meters on title, 172 square meters without the parking and how much internal.

Speaker 2:

Uh, it didn't. It didn't actually say on the strata plan but it was about half. It was about 90 square meters internal little fella. Yeah, well, for dy that's about 10, 15 bigger than normal. Uh, but you've got to remember here, guys, we sold this for 1.57 million dollars. This is dy's most expensive price point for a two bedroom. Anything over the one five fresh threshold is certainly moving into, you know, townhouse territory and if you go further, yeah you can buy a three-bedroom or a small house.

Speaker 2:

So yeah, you know it's a, it's a pretty, um, it's a pretty sort of the upper echelon. You know you're a pretty cool cat if you're buying something like this beautiful courtyard, um, big living, sort of kitchen, dining, all over the plan. The owners have spent a lot of money here. You know, since moving they've done new paint, new floor, they've done some paneling on the, on the skirting around the property, lighting, deck, kitchen. They were very stylish billy.

Speaker 1:

They were very stylish I. I thought the owner's renovation was super smart. They didn't spend too much, but they just got everything looking really swanky. It felt really nice when you're inside. So it goes to show you don't have to do brand new kitchens and brand new bathrooms to get that polished feel.

Speaker 2:

Yeah, this is a good example. You know mirror, vanity, brass, tap where handles, toilet, that paneling you see behind the mirror. Really clever, making sure all the grout was nice and clean. But they missed the expensive stuff, they didn't redo plumbing and they didn't touch waterproofing super, super cost-effective tiling their left.

Speaker 2:

Yeah smart um, even the laundry, I think this photo no agent would normally take a photo of the laundry, but the reason we did in this case is because they just put a splash back on, they put a nice bench in and instead of the old um, rust, rust, um sinks that always look a little bit worse from where they've just gone on top and basically done like a, an overlay, like a sink in a sink really, really clever these guys are clever and, as you've had, a dog of the model.

Speaker 2:

Yeah, that's right. So, yes, it was on the market actually a lot longer than the average in DYS, about 70 days in total. Talk to us why, is that the case, Mark?

Speaker 1:

You know what's interesting? It's interesting when you look at them. So how many people came through in those days? It was a big campaign and you got Agent Box there.

Speaker 2:

I can pull it as you're talking. You can go on.

Speaker 1:

Yeah, so you know you're looking at like it's all huge, like a long campaign, so 70 days, what, almost sort of two and a half months, um, and the owners were just solid on what they needed to achieve and they were like you know what, if we can get that, we can do that, if we don't get that, that's cool. Um, so they're actually. They started off with a lot of patience with the campaign, which I thought was brilliant, and it actually won them some really good money in the end, because we did have some, you know, a couple of near misses in the campaign. So first there was a buyer that came in just under the one, just under the between the 155 and the 16. Then they fell over, couldn't actually get it together with price. It was about 20 grand difference.

Speaker 1:

Then another buyer at a similar level, and was this the third buyer or the second buy billy at that level? Yeah, this was the third. Yeah, so you know we, we could. We kept proving the case that that was market value around about that price, because there was these buyers there at those levels, real buyers, real offers. Why did the first two fall out?

Speaker 2:

One, simply just a case of budget. And look, every buyer's got two different sets of budgets in the marketplace. Either a self-imposed budget where they say I just don't want to go above that level, it takes away from my lifestyle after buying the property. Or they say the bank has an imposed budget and we simply won't be lent anymore. So that was the first. I think the second cooled down a little bit, found something else. And the problem with DY is you've got two bedrooms starting at $750,000 and going up to $2 million. So there's a lot of choice, you know. And people are looking at $100,000 or $200,000 in a price point and saying I get relatively the same lifestyle, I won't get the garden, or I won't get, you know, the beautiful north-facing aspect, but I'll get something similar and it can be a couple hundred thousand difference.

Speaker 1:

What's the median price? You'll see for two better in dy it's sitting.

Speaker 2:

It's sitting at just about a million give or take, and it's got 50 more.

Speaker 1:

Why?

Speaker 2:

yeah, why it's 50 bigger than everything else. Um, it is north facing. No, it's not why internal space was 90.

Speaker 1:

sad, that's like a typical one better internal, typical two better internal it is, but with the extra courtyard.

Speaker 2:

I mean no one else has got that very, very, very, very few the courtyard.

Speaker 1:

That much for a courtyard.

Speaker 2:

To put it into perspective, dy this year we've done between 450 and 500 sales. That's nearly just as much as the city cbd. And when we had a bit of a heart-to-heart with our owner about where we're going as a direction of the campaign, there had only been 16 other properties sold between $1.5 million and $2 million in the suburb for the last nine months, so they don't come up very often.

Speaker 1:

So it's an exotically high price. So I guess you know the tale of the sale. There's a couple of things out of this One. If you've got a courtyard or something really rare that people love one out, they will pay for it, which is huge. Now tell us about the buyer that bought it. What sort of person buys it pays a premium like that for a courtyard I I just love the buyer's story.

Speaker 2:

I have to say the most beautiful family. They fought, fought hard, which I love because we were able to help in that journey, Downsizing from sort of the neutral bay Mossman area and just wanting a really good lifestyle close to the beach. And yeah, they're gonna love it, it's gonna suit their needs so well. They're close to the shops, close to the beach they can get a tractor Coming from a apartment or a house Into the city, I think something in between, something halfway in between.

Speaker 1:

Yeah, we are getting a lot of people like that, billy. We're getting a lot of people from sort of heading north. So they're either eastern suburbs sort of that you know, rose Bay, bellevue Hill, bondi, sort of peeps and then they're pushing up into the beaches or the north, the sort of Mossburn Neutral Bay, pushing up into the beaches. Equally we're getting people leaving the beaches. Or the north, the sort of Mossberg Neutral Bay, pushing up into the beaches. Equally we're getting people leaving the beaches and going north up towards Port Macquarie or Coffs or Newcastle, yeah. But yeah there's definitely that wave, that sort of northern wave that's happening, of people pushing through.

Speaker 2:

And I'm hearing from people that they're getting more for their money. That's part of the motivation. And I'm also hearing from people that, as they require less days in the office maybe city-bound, they can afford to be close to the beach and they can afford to spend an extra 15, 20 minutes on the bus if it gives them the lifestyle. The other, you know, five days of the week.

Speaker 1:

Stunning bus if it gives them the lifestyle, the other, you know, five days of the week stunning. So that is the tale of the sale for sturdy parade. Um, how many people through the campaign did we get out? Number finger on that number yeah, it was, um.

Speaker 2:

So it's like 67 inquiries and about 50 through the door, um, so, yeah, look to put that into perspective. That's not the busiest campaign. This price point is quite an issue. It's certainly not entry level. It's certainly not for every downsizer. There was still some stairs going down to parking, so there was, although it had like lift in the building, it wasn't servicing this apartment and, um, yeah, you know it was. It was a great result for dy, though, and I'm so excited for the buyer.

Speaker 1:

Congratulations to our vendors, our purchaser, and congratulations to you, billy bob thank you and you mark, have a great day, see ya.