Summary
Our client engaged us specifically for auction bidding on a tightly held Balmain property, with a clear focus on securing the right home without overpaying. A key dynamic was the vendor’s purchase history, having bought the property at a previous market peak five years earlier. This can often influence expectations, but our approach remained grounded in current market value and buyer conditions.
We established a clear pricing framework based on recent comparable sales and current market conditions, removing any bias created by the vendor’s historical purchase price.
Our advice was to remain disciplined and not get drawn into emotional bidding, particularly in a tightly held market where competition can quickly escalate.
On auction day, we executed a controlled bidding strategy, entering at the right point and managing the pace. By staying within our defined limits and reading the competition effectively, we were able to apply pressure without exceeding fair value.
The Property
A charming free-standing cottage positioned in a quiet cul-de-sac in Balmain.
Open plan living with cathedral ceilings and fireplace, complemented by a rear verandah, courtyard and separate outhouse, all within close proximity to Balmain village, dining and transport.
The Result
- Secured at auction under competitive conditions
- Purchased for $60,000 below the vendor’s previous purchase price
- Acquired within assessed fair market value despite limited local supply
- Client secured a long term asset without overpaying
By Dan Grantham
