Burns Bay Road, Lane Cove
Address: 9/111 Burns Bay Road, Lane Cove
Type of property: Dual Level Apartment
Reason for purchase: Owner/Occupiers
Client brief: Being a Tradesman, our client required plenty of lock-up storage and parking, and was only interested in purchasing within a narrow 1km radius.
Overview of the purchase: You know you're in for stiff competition when the sales agent won't take offers and moves the auction date forward by a week. Do you walk away - throw up your hands in frustration and scamper off looking for the 'bargain' no one else noticed?
Good properties are likely to engender fierce competition. So if you want a really good home in this tight market, you are going to have to fight for it and possibly embrace the auction process. The key is to forget what everyone around you is saying (especially the sales agent), and know what the property is really worth. Knowing the real price when agents are playing games - underquoting and not providing any feedback - can be a golden situation for buyers who understand the market.
In this situation, the property had a lot of interest being well-presented, oversized, back of the block, no common walls and came with a tandem lock-up garage. Perfect for our client.
Factoring in that 12 new comparable properties hit the market the week of the auction, we could see see that some of that pent-up competition might dilute - as it did on auction day. With other buyers suddenly pulling back and becoming confused, we confidently bid to snap up this superior property at an unexpectedly low price.
In just 17 days we secured a premium property for a client keen to purchase quickly in a rising market.