Waterfront Owner Occupier with Potential Value Add
ANOTHER ONE IN THIS TOUGH MARKET...Purchase #46 by Easy Buyer's Agent. Asking: FROM $569,000. Purchase: $565,000. This purchase is for our Sydney owner occupier who will soon be moving to Perth. With 4x2 generally sold for $650,000, this property is definitely of excellent value. Read on.
Our client will soon be moving to Perth and would need a place to live. They would not want to over-capitalise, it's WA after all but at the same time are still being competitive in this very difficult Seller's market.
Our Buyer was very specific when it comes to suburb selection. With limited number of friends she had in Perth, she wanted to ensure she lived within their proximity. While her budget was strong, but she only wanted to spend a limited amount for her WA property. She was fully well aware the boom-and-bust of WA property market. Unfortunately, with the nature of the market is currently going, trying to buy within her budget was not an easy feat.
These were the criteria she gave us:
- Property must have "good enough" finishing. If it needs some work then we have to buy it as low as possible to cater for the budget.
- Property must be in 5km proximity of her friends.
- Property must be in good street, quiet and away from traffic.
- Property must sit on at least 450sqm land.
- Property must be at least 3 bedrooms and 2 bathrooms.
- And finally, it needs to fall within low $600,000 mark.
"Good luck with that" was the first thing that came to mind especially considering the limited areas she was looking for. Nonetheless, that's what Easy Buyer's Agent is engaged to do, that is to find a matching property with the criteria that have been set before us as difficult as they may be.
Long story short, we found this particular property, a 4x2 that could be an excellent fit for our client. Attending the home open, we saw so many groups came through (ain't it the usual scene at the moment). It was located in the suburb she liked, the location was very quiet, away from noise, tucked right facing a lake! It truly ticked all the box.
While other buyers were making up their mind in putting an offer, we quickly stroke. We worked with the agent and worded our offer carefully to ensure our buyer got the first preference from the seller. While we would have liked to negotiate a bit more, in this current market where properties were snapped up very quickly, any property buyer would have been very lucky to have been able to negotiate in the first place. In the future, the fact that we bought this way below market, our buyer has the potential of value add to increase equity.
Thinking of buying property in WA? You know who to call. If you're tired trying to buy in this rising market, or unsure how to approach the seller and the selling agent, get in contact with us now.
Until the next purchase. Peace.