17 Steward Street
Lilyfield

The sale of 17 Steward Street, Lilyfield was a great example of our offices working collaboratively to really fight for the best result and highlights the power of our shared database. Balmain’s Benjamin Martin made a long-lasting impression on the vendors when they purchased the property nine years prior. He engaged Annandale’s Ben Southwell as supporting agent because the property had renovation potential and Ben has great relationships with builders, developers and premium buyers in Lilyfield, Annandale, Leichhardt and surrounds.

 

Ben Martin comments, “Our vendors were based overseas and they agreed to our suggestion that they make a rather substantial investment in upgrades (via Market Now Pay Later) to get the home looking its best and ensure it was presented appropriately to suit our target demographic. We project managed all of the works, including painting, styling, gardening and maintenance.

“At our suggestion a two-stage auction process was employed, commencing with an off-market initiative targeting highly qualified buyers to test the market before opening the viewing to the wider public with a strong internet-based campaign supported by a Spoke social media campaign. We launched online on a Saturday, traditionally the most active day for buyers and property engagements, which ensured maximum clicks and in turn we received editorial from Domain, The Financial Review and the Sydney Morning Herald, which was invaluable coverage.

“Buyer demand was strong when our initial guide was $1.85m. We adjusted the guide to $2m and inspections and enquiries started to ease. Looking back, we feel that this was the right thing to do as buyers are constantly being misled by agents and we strive to maintain buyer relationships from property to property. A total of 142 groups inspected the freestanding three-bedroom period home and to help the vendor navigate the sale we facilitated daily communication via a WhatsApp group and weekly Skype meetings.

“On auction day on 2 April 2022 the property fell short of the written reserve and bidding stalled at $2.025m. Ben and I had an intimate knowledge of our buyer pool and advised our clients to call the property on the market. When the buyers knew we were selling, we achieved an additional $285,000 and the property sold under the hammer for $2.31m.