🏠💥 WE JUST DID IT AGAIN....Purchase #36 by Easy Buyer's Agent. This property is located in a blue-chip location and is a rare find. With multi-offers on the table and "Expression of Interest" price guide, albeit not the highest offer, our buyer managed to get it for $955,000. Read on.
Our client was a young executive who moved to WA in recent years and was looking to buy his first owner-occupier property. His requirements for a property were very specific. There were certain set of rules he followed when it came to the location, shape and direction of the property. Then there was also the distance consideration and proximity from where he worked.
🏠 PROPERTY STORY:
Our client has been searching for properties for some time. Due to his specific requirements, finding a matching property was definitely a mission. Then, on top of it, our client, just like any other property buyer, was also considering potential equity gain.
When we came across this property, we knew it had a great potential. Not only did it suit our client's requirements, with land size of around 430sqm and was located at about 5km from Perth CBD, this property was definitely a rare find. Then not to mention that it is zoned R60, meaning, future subdivision is possible. As it was going to be a place for owner-occupancy, our client was considering to demolish the existing house and rebuild from the start.
Because of how rare this property was (and how big its potential was), there were so many people coming to the open, so much so that it ended up with multi-offers on the table. The selling agent knew best that instead of putting a specified price on the ad, an "Expression of Interest" was chosen instead. This is often the game we hate to play because you just don't know what price to offer with. Set it too high and you will over pay. Set it too low and you'll miss out.
From the data we have seen, in this kind of location, a high-spec double-story can easily sell for high $1mil+. We knew this place had a potential equity gain. Definitely not the kind of opportunity our client wanted to miss.
Therefore, we advised our client to pick a certain purchase price that would give him the edge. Not too high, not too low, but high enough to have good probability to win. In the end, we picked $955,000. Our offer wasn't the highest, yet, coupled with how "clean" our offer was, it was sufficient for the the seller to pick ours.
At that purchase price, plus stamp duty and purchase costs, then adding an extra $500,000 for a high-spec double-story build, by the time the build is finished, there will be a handsome margin for profit.
As an owner-occupier it is important to live in a house that you love. But if that "house that you love" can also give you equity gain, why not, right?
🏠 Looking to buy property in WA, you know who to call. We have information and knowledge on more than 300 suburbs across WA. Whether it is metro or regional, low-socio, medium to blue-chip suburbs, we got them all. We have helped First Home Buyers, Owner Occupiers and Investors finding great quality property.
We don't look at property from just one angle with the old strategy: "Buy, hold, then hope for the best". Rather, we apply 20+ strategies to every property we research to ensure the one our Client buys has the highest potential.
Until the next purchase. Peace.