Case Study Summary: view the online ad here
Online views: 841
Groups Inspected: 11
Days on Market: 32
Registered Bidders: 3
Sold at Auction: $950,000
New Record Price for a one bedroom apartment on Pitt St Sydney, 2000
A classic example of why Auctions are an excellent strategy for achieving high prices. This one bedroom + study, with parking, was always going to sell at a good price being in Hordern Towers which is a premium building in the CBD. The property is in good original condition and has decent views (not the best in the building, but still water views).
There is great demand right now for properties like these in established, well-built buildings in the city. Why? Because they have a history of long term growth laid out. They usually have dedicated and long standing building management in place, the property sizes are much more generous than newer buildings and the structural integrity is tried and tested.
We’ve all seen the new buildings in the media lately that are only a year or two old and developing giant cracks and having major issues. The truth is that they don’t build them like they used to, that’s why people see the value in the older buildings, like this property 4008/393 Pitt St, Sydney.
We actually secured this listing off the back of another sale in the building 4701/393 Pitt St, Sydney (previous record price for 1 bedroom $811,000). The owner saw that we were in the business of getting record prices and gave us the listing. Timing was right for the vendor to sell but just as we started to get the ball rolling, the Covid-19 saga was at its most intense, posing a real challenge for us to gain momentum and get buyers through the door.
So we had to be a bit more creative and attentive that usual, that meant creating a virtual tour for the property, a property video and building close relationships with every single enquiry so that we weren’t missing any opportunity to book in private viewings.
We listed the ad as a premiere listing on real estate to boost the exposure and rolled out a social media campaign to capture the audience outside of our database of 15,000 buyers.
Our marketing strategy played out really well, despite restrictions on open homes we had decent attendance. The Auction date fell nicely, just as restrictions were easing and we could hold a regular auction on site. With the help of James Pratt (who is a star at what he does) and my rockstar sales support team, the auction was a great success! We had 3 registered bidders on the day and achieved a price well above the vendors expectations and smashing my own record price for a one bedroom apartment on Pitt St.
This was a really fun sale to work on, demonstrating that with the support of my A-class team, and a faultless marketing strategy we are able to achieve outstanding results time and time again.
I have several buyers that are ready to buy property similar to this. Especially one bedroom apartments with parking in well established buildings, they’re hard to come by these days.
If you would like to know what strategy I’d suggest to achieve a top price selling your property, give me a call for an obligation free chat.
Call 0425 945 888 or email me at [email protected]
Thanks for reading! Dream Big, Invest Smart!