“He’s extremely adaptable and measures the situation and what needs to be done."
Gerard, Kay & Burton Client

A case study in the successful property marketing of 76 Pakington Street, Kew c/o Kay & Burton Senior Sales Consultant Mark Sproule

Property

This double-fronted late Victorian home, circa 1896, was initially scheduled for auction in August/September. However, with a lockdown due to COVID-19, the campaign by Kay & Burton was temporarily put on hold. Fortunately, images of the property had already been taken, together with details such as a floorplan. The only information put out to the general public was a ‘forthcoming auction’, with no specific date set.

When agents were once again able to show the property to prospective buyers, they were then informed of an online auction date. Details of 76 Pakington Street were revealed and a few inspections followed, predominantly by young families and professional couples. A solid brick late Victorian on 435 square metres of land, the property benefits from a right-of-way to covered carparking and a generous back garden as the house is close to the street frontage. “That’s an ideal scenario for a family who may want to add a swimming pool or simply enjoy the back garden as it is,” says Sproule. And given the location, near some of Melbourne’s most prestigious private schools and amenities (the proximity of Willsmere Village), there was interest from the outset for this property with four bedrooms or three bedrooms with two separate living areas.

The estimate sale price was between $2.6 and $2.8 million, with the final result being in excess of $3 million.

The Campaign

As time was of the essence and opening up was tenuous, the campaign was online via realestate.com.au, domain.com.au and kayandburton.com.au, the latter being combined with Kay & Burton’s social media platforms.

Days on the Market 

The property was on the market for 13 days in total. And while prior to COVID, people would return to a property two or three times, now many are content to see a property only once.

The Buzz

76 Pakington Street, Kew, was always going to appeal to potential buyers. According to Sproule, “People simply walked in and commented that it was a delightful home that was beautifully presented. There was an immediate emotional attachment, with approximately 15 separate buyers interested.”

The opening bid was $2.7M and this figure went up in increments of $10K before it slowed down. Then two bidders, who expressed interest at the start of the auction, competed with each other to reach the final price in excess of $3 (the vendor did not want the exact price mentioned). A couple with young children were the successful bidders.

76 Pakington Street, Kew

76 PAKINGTON STREET, KEW

76 Pakington Street, Kew

76 PAKINGTON STREET, KEW

The Vendor

Gerard, the vendor of 76 Pakington Street, Kew, noticed that Kay & Burton previously sold a house three doors away. This vendor was away during the sales period, yet everything was taken care of by Kay & Burton, including flowers and candles. Mark Sproule was one of the agents selling this property. It was for this reason that Gerard decided to engage Mark to sell his property, as well as the fact that Gerard’s accountant had also successfully sold his property via Mark Sproule. “If you trust your accountant like I do, then his comments about Sproule certainly carry weight,” says Gerard.

The Benefits 

Mark (Sproule), like the entire team at Kay & Burton, adapted well to handling the COVID situation. “He’s extremely adaptable and measures the situation and what needs to be done. Kay & Burton also has a network of potential buyers: more importantly, the right buyers. In this case, there were five serious parties interested and at the price we were hoping to achieve,” says Gerard.

Experience 

It was a very positive experience. Mark also gave us practical advice, such as changing the colour of the house (exterior) from sandstone to a grey. And he also suggested polishing the timber floors, something that really needed to be done, but when you live in a place for so long (22 years), it’s easy to overlook these floors,” says Gerard.

Top 3 Things

  1. The advice given by Mark Sproule from the first meeting.
  2. Bringing the right buyers to see the property.
  3. Mark is worth his weight in gold. He goes well beyond what most agents would do – he’s truly a gem!

And of course, I was absolutely delighted with the sale price. It was north of the figure I had in my mind.

For advice regarding your property, contact Mark Sproule on 0408 090 205 or via msproule@kayburton.com.au

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