There was a very strategic approach, from who the target market was for the property, through to details such as whether there should be a 60 or 90-day settlement and the deposit required depending on the terms of settlement.
Susie, Kay & Burton Client

A case study in the successful property marketing of 62 Rose St, Armadale, c/o Kay & Burton Partner Grant Samuel.

The Property

A large crowd of 300 people gathered to watch the auction of what Kay & Burton Partner Grant Samuel described as a ‘dilapidated’ period home sell for an extraordinary price. Built in 1905 and in the same family since 1908, the A2 heritage-listed property on 919 square metres of land (the rear garden orientated to the south), went under the ‘hammer’ for $5.8 million. With an expected sale of $4 to $4.4 million, this result was certainly an extraordinary outcome for the vendor, and obviously disappointing for the five other bidders in the crowd. 

Given the campaign, including the need to retain the heritage-listed façade and street visibility overlay and four of the five period chimneys, this property was always going to attract someone who wanted to restore, rather than build a new home. The property was in such a bad way that those attending inspections had to sign a waiver that the agents were not held liable should they hurt themselves (certain areas were roped off given the holes in some of the timber floors). 

The Campaign

The first advertised open for inspection was 13 February and the campaign concluded with a 6.30pm auction on Thursday 11 March. It was a longer-than-normal campaign because it was expected that the buyers would have to a great deal of due diligence on the property. Information in newspapers and in digital form did not gloss over the condition of the house, using words such as ‘dilapidated’ and ‘requiring considerable work’. And given the heritage status and condition of the house, it was made evident from the outset that due diligence could not be overstated. 

Days on the Market

The Armadale property officially went onto the market on 8 February 2021 and sold on 11 March, with the additional days given to allow for due diligence (heritage consultants, council, builders, architects). So, the number of days on the market was 31 days.  

The Buzz

Most people go in with an approximate idea of what to expect on the day of an auction. Samuel looked at a property in Avalon Road, Armadale, as a measuring stick in assessing the property’s value. In that case, it was two titles on the one property with a house expected to be demolished on the 2,250 square-metre site. Each plot sold for $4.5 million (a total of $9 million), with the dimensions of one approximating the Rose Street property. On this occasion, however, 300 people turned up to the auction, which began with a vendor bid of $4 million immediately followed by a $25K rise - putting it on the market - and eventually selling for a staggering $5.8 million.   

Campaign Elements

Samuel’s marketing campaign comprised numerous property supplements such as Domain, The Age, Domain Review, The Herald Sun, Property Weekly, Jewish News, and online platforms such as realestate.com. There was also a number of editorial pieces on the property, with headlines reading ‘First time on the market in over 100 years.’ “The location in Armadale also greatly assisted, being a tightly held suburb that has a strong attraction for families wanting to be near great shops and schools,” says Samuel. 

The Purchasers

As anticipated, 62 Rose Street was purchased by a local family, a couple with two young children, wanting to restore and extend the house in an area in which they keenly wanted to live. 

62 Rose Street, Armadale

62 Rose Street, Armadale

62 Rose Street, Armadale

62 Rose Street, Armadale

The Vendors

Of course, the vendors, Susie, Ian and a third person, Robyn, acting as Powers of Attorney, were thrilled with the price received for the property, well above their expectations. “We really didn’t dwell on which agent to go with. We just thought that Grant Samuel was the right fit for this type of property and its location,” says Susie. “He has an excellent reputation, a great work ethic and he’s results driven,” adds Ian.

The Benefits

The reasons given by Susie and Ian for going with Samuel can also be attributed to the Kay & Burton database and the company’s reach in the marketplace and in their words, ‘the wealth of services Grant and his team provided during the entire campaign’. 

Experience

“There was a very strategic approach, from who the target market was for the property, through to details such as whether there should be a 60 or 90-day settlement and the deposit required depending on the terms of settlement,” says Susie who with Ian, had between two and three updates each week on the property. With WhatsApp, everyone could be informed of the progress at the same time. 

“Usually, there’s one vendor, but in this case, there were three of us, all bringing our own experiences to the table,” says Ian, who has a legal background. 

“Our experience with Grant was truly excellent and he was extremely accommodating,” says Susie. 

Top 3 Things 

  1. Great advertising and coverage in the media - they conveyed the true story rather than glossing it up. It was a dilapidated house with broken windows and broken in many other places.
  2. Grant Samuel’s communication skills with potential purchasers.
  3. We really felt that Grant and his team were working with us – the relationship could not have been better. 

We would recommend Grant Samuel and his team 100 percent!

For advice regarding your property, contact Grant Samuel on 0403 132 095 or via gsamuel@kayburton.com.au

Market Insights

Be the first in the know

Receive the latest Kay & Burton property news delivered straight to your inbox.

Subscribe now No thanks!