Recent clients of mine Alana and Matthew are a young couple who have been residing in an apartment in St Kilda for the last few years. They were looking for a change in lifestyle, and a move to a larger family home was a priority.
With a budget of just under $600,000 they had their eyes set on a family home they could add value to, in the bayside suburb of Seaford.
We started the search in January of 2016. I contacted many local agents and past sellers in the Seaford area to see if we could inspect any properties that were coming up, which had not been advertised on realestate.com.au and domain.com.au.
The first three months of 2016 the number of properties available online in our target suburb of Seaford was extremely low.
This is the perfect storm for people who are looking to sell a property! It’s the opposite if you are looking to enter the market and buy. The prices just keep going up and up!
A natural push down the bayside or what some experts call the ripple effect has indeed hit Seaford in a big way. It’s one of the last affordable bayside suburbs and buyers are lining up to purchase. Block sizes in Seaford range from 500 – 1,000 square meters and the area is starting to gentrify, attracting younger families who are looking for a great lifestyle.
Quite simply if you have $600,000 to spend, and you are looking for a traditional family home that is walking distance to the beach, there are only four suburbs that you can afford in the current market.
They are in no particular order, Seaford, Chelsea Heights, Frankston and a small pocket of Patterson lakes. I usually wouldn’t call Chelsea Heights and Patterson Lakes Bayside, but since they are bordering suburbs by the bay and you can buy in for under $600,000 I have included them also.
I have found a majority of buyers who are looking in Chelsea Heights, Seaford, and Patterson Lakes, still can’t kick the stigma of buying in Frankston. They are moving from either the inner city or further out from a bayside suburb, and a large majority doesn’t want to live in Frankston.
Matt and Alana were one of the buyers who didn’t want to live in Frankston. They had their first homebuyer heart set on Seaford.
Below I have outlined a few different properties that we inspected together.
Of the properties we examined, five were not listed for sale on realestate.com.au and our eventual purchase was in Hayman Avenue, Seaford. This was also one of the homes not on advertised to the general public.
1 Portland Parade Seaford, 700 sqm, Development site, corner block, SOLD $620,000 at Auction
14 Larggs Street, Seaford, 681 sqm, Original weatherboard, SOLD $610,000 at Auction
6 Hayman, Avenue Seaford, Original condition, corner block on 550 sqm, SOLD $560,000
9 Robinsons Road, Seaford, 688 sqm, Two bedroom with extension SOLD $635,000 at Auction
Admans Ave Seaford, owner wanted over $600,000 and did not sell.
9 Shirley Avenue, Seaford, 599 sqm, SOLD at AUCTION for $646,000
Hayman Avenue Seaford, PURCHASED off market for $581,500
A Buyer’s agent is employed by a purchaser, to solely represent them and assist in achieving the best outcome possible, while the selling agent is representing the vendor. As a Buyer’s agent, the relationships we have with selling agents and the way we work together, can and should be a win win scenario, for all parties involved.
Selling agents understand that when a Buyer’s Agent is at an Auction, there is high chance that there is a qualified buyer ready to bid and purchase on the day. The chances of a sale falling through once a contract of sale has been signed is reduced. A professional Buyer’s Agents will only work with clients who are approved to purchase and are 100% serious about securing a property.
We arranged with a local agent to meet on a Sunday morning, to inspect two properties that were not yet listed on the Internet. Matt and Alana arrived at Hayman Ave Seaford on a Sunday morning at 10am. (When most buyers are enjoying brunch)
When we arrived, there was one other family ready to inspect the property. As we entered the property I felt straight away that this home matched almost everything that Matt and Alana were after.
It was original which was a bonus, as Matt is handy on the tools and Alana’s dad is a builder. The lounge room was spacious in size and the property felt solid under foot. The older carpet was covering original floorboards, with a simple sand and polish would help transform the home.
The master bedroom was large in size and offered robes and a view across the front of the property, while the main original bathroom serviced the two other bedrooms.
The owner had extended the property and added a second living area and extra bathroom, which for a home in Seaford is a bonus. Most homes in the area that are original all were built with one bathroom.
The location was perfect, and a land component of 533 square meters with a north-facing backyard was just what they were looking for.
During our time together, I had educated Matt and Alana of the urgency to act swiftly, once we had found a property that they were both happy with.
I researched what the preferred settlement period was for the sellers, as we wanted to make our offer as desirable as possible. There is no point offering the sellers a 30-day settlement, if they have not purchased another home.
I called my local building inspector on a Sunday; he inspected the property the next day. I called my clients broker to ascertain if we could make an unconditional offer, as not placing subject to finance on the contract was going to put our offer in pole position.
We presented an unconditional offer the following day, with a 90-day settlement that suited the sellers entirely. Acting quickly in a market that is healthy is imperative in securing a property. This was a win, win scenario for both the seller and the buyer. The seller had the convenience of not having to pay any marketing costs to help advertise the property. This amount would of saved the seller anywhere from $2,500-$5,000. They also had the convenience of not requiring to open the home on multiple occasions over a 4-5 week period.
After almost four months of searching, Alana and Matthew are now excited and happy, as they have purchased a great property.
If you need any assistance with buying, don’t hesitate to speak with one of our Property Buyer Agents on +61 8374 7652 or book a zoom call here
https://calendly.com/propertychat/discussion-with-industry-insider
Industry Insider Property
Level 3, 489 Toorak Road, Toorak 3142
+61 8374 7652
+61 402 346 810
industryinsider.com.au
