Owner occupiers – $1.2m+ terrace in Glebe – ‘bought in four working days with an indicative 18% capital gain three weeks later’

July 20th, 2015

This retainer began with a call from our male PhD client requiring our urgent assistance to buy a renovated terrace in Glebe which, after months of searching, he and his wife had found for sale by private treaty. The property was advertised with a price guide over $1.2 million and the urgency existed because our clients were soon returning to the City from a posting in western New South Wales.

Once retained as our clients’ Sydney buyers’ agent, our Principal inspected the property privately and ascertained that it would be a worthy acquisition at the right price.

Immediately afterwards, the team at Curtis Associates began fast track due diligence with particular focus on the vendor’s motivation for selling during a relatively quiet time of the year in the Sydney property market.

The other immediate priority was to contain our clients’ enthusiasm for the property in order to restrain them from paying too much for it.

In addition to a thorough analysis of several comparable sales undermining the vendor’s initially bullish price expectations, our due diligence and in field researcher uncovered a variety of adverse affectations and risks of which our clients were unaware including the assault of a neighbour in her garage.

Undeterred but now aware of those and other risks, our clients instructed us to continue with the purchase. An offer on contract with time limited for acceptance eventually saw the property secured for $1.14 million and all in four days (including a Public Holiday) after Curtis Associates was retained.

The secret to our successful acquisition is to a large degree owed to the (very professional I might add) services of … the buyer’s agent we had hired to negotiate the price on our behalf since we had already found the house we wanted. It took exactly 7 days from the moment we decided to purchase this property to successful exchange at 8% below what I was prepared to pay. Due diligence on the property was incredibly extensive and included many information tidbits only obtainable through personal research such as interviews with neighbours, policemen and council workers in the area. Also found were numerous off the market sales in the neighbourhood as well as comparable properties to give a good price indication and negotiating tool. …. I can highly recommend Curtis Associates to anyone looking to purchase property in the Sydney area.

Applying the hindsight test™*

17 Hereford Street, Glebe with an almost identical floor plan to the property we purchased and on slightly larger land, sold less than a month later for $1.35 million which was 18% higher than the purchase price we agreed.