A case study in the successful property marketing of 22 Oak Grove, Malvern East c/o Kay & Burton Senior Sales Consultant & Licensed Estate Agent, Adam Cashmore

Property

This Edwardian home, circa 1913, complete with verandas and manicured gardens is not a large family home, being approximately 22 squares on a site just over 660 square metres. However, with many large period homes in the neighbourhood reaching spectacular sums, this property was bound to attract those looking to upscale to this coveted part of town.

The three-bedroom house with two living areas is considered a more affordable option for families wanting to be close to good primary schools (Lloyd Street and St Mary’s), shopping amenities and public transport. The home’s mezzanine-style study was also a bonus, together with the soaring cathedral-style ceiling in the informal living area. However, there are a couple of constraints that were noted by those inspecting the property, as well as Adam Cashmore. “The timber kitchen was from the 1990s and you have to walk through the centre of the kitchen to reach the informal living area,” says Cashmore, who was quoting between $2.3 million and $2.5 million. Timing is everything in the property market and in March, when 22 Oak Avenue was being auctioned, there were no other homes in the immediate area that were expecting less than $3 million.

Adam had known the vendors, Tass and his wife Alyson since 2008 when he sold them 22 Oak Grove. “At that time, they intended to renovate the kitchen and bathrooms and extend the home, but ended up just doing more cosmetic work, including new lights and some painting and some garden improvements.” However, Tass extended the garage to allow for two cars and additional storage.

Campaign

The thrust of the campaign was digital marketing, including the real estate portals, Kay & Burton’s website as well as Kay & Burton’s far-reaching social media accounts and email marketing.  The property also ran its full course of being on the market for four weeks. And during this time, between 80 and 100 people inspected the home, with Cashmore identifying four to five key buyers, all young families upsizing and coming from relatively nearby areas (one family from Prahran and another from Caulfield). In the end, there were four parties, coming with additional family members, who attended on multiple occasions.

The Buzz

On the day of the auction, the opening bid from one of these four groups was $2.3 million and bidding reached $2.6 million when the property was declared as being on the market. The final sale was $2.738 million, completed in less than 15 minutes. The house was sold to a young family with one young child who were upsizing and moving from Chadstone. “Supply and demand are the key words in real estate, and in this case, there was nothing to compete with it on the day,” says Cashmore, who has bought and sold five different properties for Tass and Alyson.

22 Oak Grove, Malvern East

22 Oak Grove, Malvern East

22 Oak Grove, Malvern East

22 Oak Grove, Malvern East

The Vendors

Tass and Alyson have two children and were looking for a larger house close by. “When you place your own home on the market you just hope for the best, getting people to look, good weather on the day of the auction and people being as keen as we were when we bought this house in 2008,” says Tass, who was hoping in his dreams the sale price would be over $2.5 million. It reached $2.6 million at which point it was placed on the market before being sold for $2.738 million.

The Benefits

Tass and Alyson went for Kay & Burton partially due to Adam Cashmore, who has been successfully assisting them buy and sell their properties for a number of years, even before he joined Kay & Burton. “It (Kay & Burton) has established a strong reputation for selling high-end housing in areas such as Toorak and South Yarra, and more recently in this area, where prices have increased significantly. It has a solid brand and it knows this market, along with how a property should be presented for sale,” says Tass.

The Experience

"Alyson and I found the whole process quite seamless. I was a little anxious given we’d bought a house nearby and had a target price in mind with our changeover, which was well exceeded,” says Tass, who, from the outset, felt that Adam instilled confidence without suggesting the improbable.

Top 3 Things

  1. Extremely professional and maintained a continual conversation throughout the campaign regarding the interested parties and the feedback received.
  2. Honesty – we always felt the discussions were transparent. Adam certainly knows his craft.
  3. In my business, I only engage smart people and so it was important that when you’re selling your own house, it’s given to a smart guy like Adam and the Kay & Burton team.

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

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