Redfern

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Our client, a first-time homebuyer, independently searched for 3 months, recognising the complexity of the buying process. His financing lapsed due to increased interest rates, impacting his borrowing power and necessitating compromises. To avoid further setbacks, he chose to enlist our services.

Weekly, we scoured the Inner City, Inner West, and Eastern suburbs for a spacious, bright, and centrally located 2 bedroom unit. Aware of potential issues in many complexes, we meticulously reviewed strata reports, involving our client in the decision-making process. Several options were ruled out. On a whim, we inspected a 2-bedroom, 2.5-bath, 1-car unit in Redfern.

After thorough due diligence and considering upcoming works, we opted not to submit a pre-auction offer, favouring participation in the auction. Our decision was bolstered by the sale of a comparable unit above $1.4 million, highlighting the unpredictability of the market.

Competing against 4 other registered bidders, we strategically initiated the first bid below the $1 million guide. Maintaining composure and placing strong bids throughout the auction, we successfully secured the unit under our client’s budget for $1,090,000. Termed “Great Buying!” and emphasising the mantra “You’ve got to be in it to win it,” our client embraced the understanding that while works to the complex were imminent, he was playing the long game.

Timeframe: 7 weeks

Total properties inspected: 39

Off/Pre-Market: 14