Summary
Our client was downsizing and needed to secure a low maintenance home on the Lower Northern Beaches within a tight timeframe.
What looked like a standard purchase shifted once we identified the property was a bank sale. That changed how we approached timing, negotiation and auction strategy, ultimately allowing us to secure the property under competitive conditions without overpaying.
Strategy and Execution
Early due diligence confirmed the property was a bank sale, which typically shifts focus to price and certainty rather than emotion. We advised holding position and avoiding early engagement to prevent unnecessary price escalation.
Ahead of auction, we set a clear pricing framework based on comparable sales and built a disciplined bidding plan. On the day, we entered at the right point and controlled the pace rather than reacting to other buyers. This kept the focus on value and allowed us to secure the property under controlled conditions.
The Property
A modern duplex in a tightly held pocket of Balgowlah, well suited to downsizing. Low maintenance, turnkey condition and a practical layout made it an ideal long term option without the need for further work.
The Result
- Secured at auction under competitive conditions
- Purchased for 650,000 less than the adjoining duplex
- Early access negotiated to align with the client’s timeframe
- Downsizing goal achieved without compromise
By Dan Grantham
