A three-bedroom brick home in Charlestown is the latest to join the million-dollar property list after it sold $130,000 above asking price.
Set in a quiet cul-de-sac on a 1,100 square metre block, the Naroo Avenue house, listed on 28 June, sold for $1,030,000 just 14 days later.
Charlestown-based Creer Property agent Andrew Kaprilian says the style of sale encouraged the best result for all involved.
“Contrary to a normal private treaty sale, we decided to run with an Expressions of Interest campaign,” he said.
“This relies on a closing date, as opposed to a formally guided price.
“The decision to take this path as opposed to an auction was made largely due to the challenges in the banking system for buyers at present to achieve pre-approval/approval from lenders.
“Running EOI allowed the buyers to freely offer their own views on the sale price, along with the ability to add conditions if required, therefore capturing more of the buyer pool.”
Following more than 110 enquiries, 60 inspections, nine second inspections and seven offers the home was purchased by an Adamstown Heights couple looking to renovate a ‘forever home’.
“Interest throughout the course of the campaign was very strong given the Covid lockdown had taken effect in Sydney at this point,” Mr Kaprilian said.
“The price range, based on agency agreement and local comparable sales, was $895,000 to $950,000.
“I believe the result is a great reflection of what can happen when the natural process of offers is allowed to take its course in the current market conditions.”
Mr Kaprilian believes the increased number of million-dollar home sales in Newcastle and Lake Macquarie is largedue to buyer demand and a lack of available properties.
“This results in some fierce competition,” he said.
“On this occasion it led to both the owners and myself making the decision to move the deadline date forward by nearly two weeks in order to bring the sale to a conclusion.
“Blocks of this size and nature are quite rare to find on the east side of Charlestown.
“Coupled with a serene outlook and the home being nestled in a quiet cul-de-sac, this home was perfect for a renovation or rebuild.”
The sellers, Mr Kaprilian said, had owned the home since 1986 after purchasing it for $91,000.
“They were extremely happy with the outcome,” he said.
“The end result far exceeded my personal expectations for the home and reinforced why in markets like this, it is important to take the right course of action in order to achieve the best sale price for the seller.”
- * Sale by EOI sees vendors invite buyers to submit an offer to purchase their property by a specified time and date, with each potential purchaser putting forward their best and final offer in writing. The property will usually be on the market for four to six weeks, to enable the vendor to offer buyers sufficient time to view the home, sort finances and finalise a price. The vendor reviews the submissions of potential buyers and chooses the EOI that interests them most.
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