Northcote dream home: extra $50 on $3.5m house a smart strategy
A crisp $50 note could have been the difference between a buyer landing their multimillion-dollar dream home in Northcote and looking back empty-handed at what might have been.
But the new owner of the sleek renovated Ruckers Hill Edwardian at 9 Bayview St was determined the latter wouldn’t be the case, securing the house for the precise sum of $3,500,050.
Jellis Craig Northcote director Sam Rigopoulos said a Sydney buyer and her daughter were a cut above the pack of four buyers who were “pretty close” when private sale offers closed.
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“We had an expressions of interest campaign and basically we just encouraged that buyer not to finish on a round number in case other buyers had a similar idea on price,” he said.
“It wasn’t the $50 that did it in the end but … the other interest wasn’t too far off. We were quoting $3-$3.3 million and we had a lot of interest at the upper end of the range.”
Mr Rigopoulos said the buyer, who would live in the house with her daughter, had wanted to make sure she was ahead of the competition so “dug deep” and finished on the quirky figure.
He said past experiences with sales that had “really come down to the wire” and potential buyers having regrets meant offering “more favourable terms, a better deposit amount or maybe $50 (extra) to go that extra stretch” could be a clever strategy for buyers.
“Not only does it create some sort of gap, it also demonstrates to the vendors that you’ve given it your best shot and done what you can.”
The five-bedroom Bayview St house was transformed and sold by the BuildHer Collective, a company that teaches women how to build that also has its own projects.
Mr Rigopoulos said the collective’s philosophy was to create homes as you would want to live in them yourself, rather than just to sell, such as including things like a void or extra fixtures “that might worry traditional builders but excite owner occupiers”.
“They sharpen the saw themselves by keeping active with their own projects. It’s a great example of what they teach, and they practice what they preach,” he said.
CoreLogic records show the company paid $3 million for the property in 2016.
Its October 1, 2019 sale price, the top Melbourne result of that week, elevates it into the top handful of house sales in Northcote, with the quality and well thought-out design drawcards.
The suburb record was set by 18 Henry St at $4.465 million in June.
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