Our Settlement Terms Enabled this Purchase…

After several meetings early this year, we commenced this assignment in March with a delightful couple. Their brief was tough for two reasons: firstly, they wanted us to help them secure a period house in Brunswick for $900.000. Secondly though, they’d added one significant challenge which trips many buyers up. They wanted an A grade investment and also a future home.

We usually say “it can’t be both. It is one or the other…”

But based on their pragmatiism and sheer willingness to turn over every stone, we embarked on this journey with them and we circled Coburg and Preston as more likely options.

Our couple understood this, but they did hold out hope for their Brunswick terrace.

We had prepared our clients for tough market conditions. The period house stock shortage, combined with winter conditions, strong buyer demand, two interest rate cuts presented a huge challenge. Brunswick capital growth year on year has averaged over 8% over the past two decades and 2016 was not about to offer any easy reprieve.

After two disappointing auction attempts, a return trip to the UK, a slow winter and a couple of phone conference ‘regroups’, spirits remained positive and just when we needed a break, Collier St came along.

This delightful little yellow Victorian terrace had been held tightly for 29 years…and our excited couple could see past the ‘nineties timber kitchen and the dated pink decor. They could picture themselves calling this place home, and equally, we had to concur that it was indeed a great property as far as capital growth prospects were concerned. Nestled in a great array of streets characterised by beautiful architecture; a snapshot of late nineteenth century charm, and offering not one, but two train stations within easy walk, all we had to worry about was the increasingly different task of securing such an auction property with their budget.

Amy’s conversations with the agent gave us a glimmer of hope.

The vendors preferred an opportunity to stay on short-term if the option existed. Our buyers would have granted them just about whatever terms they wanted if it meant they could acquire this property within budget.

Happily for the excited couple their swift offer of $906,500 with flexible settlement terms tailored to the owner’s requirements made the critical difference. The vendors placed their property on the market and some 24 hours later, the champagne was flowing.

Sometimes it’s not just about price.

Wishing our lovely clients years of happiness, capital growth and great coffee in Brunswick!

Illustration by Kate Bond

Chart sourced from Core Logic