“We were shell-shocked at the final price, a feeling that lasted for a few days.”
Katrina, Kay & Burton Client

A case study in the successful property marketing of 10 Erica Avenue, Glen Iris c/o Kay & Burton Senior Sales Consultant & Licensed Estate Agent, Adam Cashmore

Property

Built in 2000, this faux Georgian-style brick house offers substantial accommodation for a growing family: five bedrooms, three bathrooms and four living zones, including a studio/home office above a rear garage. The generous allotment of 870 square metres also benefits from being only 300 metres from Central Park, private schools and public transport.

Given these attributes, the expected sale price for this home was anticipated to be in the range of between $3.6 million and $3.9 million.

The sale achieved before auction realised $4.99 million, more than $1 million above the expected price. With 60 groups inspecting this property, Adam Cashmore identified six key buyers with another four who were also keen to make this property their home. Adam could understand the interest given the accommodation on offer and its location. But he could also appreciate a few of its shortcomings. “It’s not a true period-style home and it’s not contemporary, falling somewhere in the middle that obviously doesn’t appeal to everyone.”

And while the vendors, a couple with three adult children, were considering updating the kitchen and bathrooms when they purchased the house eight years ago, this didn’t eventuate, with only cosmetic changes made.

Campaign

Adam Cashmore focused on both the size of the allotment and the size of the house, being approximately 400 square metres in area. The campaign we employed was solely digital based online via kayburton.com.au, domain.com.au, realestate.com.au and through Kay & Burton’s social media and email channels.

Days on the Market

This property was on the market 24 days, selling on the Wednesday evening before the auction date at a pre-auction held within the home. “Our clients lit the open fire and there must have been about 20 people (including the six parties and family members) sitting in the living room and flowing out into the courtyard.”

The Buzz

While the initial figure of between $3.6 and $3.9 million was the estimate given during the campaign, one of the interested parties offered $4.2 million on the Tuesday before the scheduled auction date of Saturday 1 May. The vendors were more than happy to accept this offer, given it was a ‘bird-in-the-hand’, but as outlined in his process, Adam contacted the other parties, and a pre-auction was held onsite. With a starting bid of $4.2 million, two interested buyers competed above $4.5 million reaching the final price of an extraordinary $4.99 million. “There were tears of joy, beyond belief from the vendors,” says Adam.

10 Erica Avenue, Glen Iris

10 Erica Avenue, Glen Iris

10 Erica Avenue, Glen Iris

10 Erica Avenue, Glen Iris

The Purchasers 

A young couple purchased this property. They had one child and one on the way and wanted to upsize from their townhouse in Kew and buy into their preferred school zone.

The Vendors

Katrina and Michael, who have three children, purchased this home about eight years ago. They had also purchased their new home in East Malvern prior to putting this property on the market. “Michael and I were a little nervous buying before we sold, but we approached this sale in a conservative way, not expecting miracles,’ says Katrina, who also purchased their new house from Adam. “Adam is easy to work with and we related well from the start,” she adds.

The Benefits

The couple found Kay & Burton’s services to be first class, from the handling of enquires to identifying those who showed real interest in the property. “We loved the stylist who came well in advance of the auction date. “I said to Adam that I wanted the house to be sold before the leaves started dropping from the plane trees in our street, which ultimately was the case,” says Katrina, who was also keen to avoid the cold weather. Katrina and Michael also appreciated Adam’s focus on the property. “It certainly wasn’t just about doing another ‘deal’,” she adds.

Experience

“We were shell-shocked at the final price, a feeling that lasted for a few days,” says Katrina, who recalls being told by Adam about a comment made by one of the bidders, “these price are becoming just like phone numbers!”. The couple were also impressed with the level of professionalism during the campaign, being updated every few days. And when the pre-auction was scheduled a couple of days before the scheduled auction, Katrina instructed Michael to put on all the lamps, turn off all the lights, and prepare the chiminea on the terrace, as well as the open fireplace in the lounge. “The atmosphere was lovely, very moody,” says Katrina.

Top 3 Things

  1. Adam’s approach was perfect, professional but not pushy. He has a relaxed manner and is extremely amicable, but you know he’s always thinking about what needs to be done.
  2. Adam is unflappable
  3. Adam always has a strategy in mind. If plan A doesn’t work, he has plan B in place and ready to go, understanding the next steps that need to be addressed.

For advice regarding your property, contact Adam Cashmore on 0407 077 113 or via acashmore@kayburton.com.au

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