Buyers Advocates In Balwyn North

balwyn-north-advocacy

 

Property type: Block of land or land with a knock-down house on it
Purpose of purchase: Build a new home for re-sale

Key purchasing criteria
  • 1

    Located in the suburb Balwyn North

  • 2

    Minimum land size of 600 sqm

  • 3

    Rectangular block with no encumbrances

  • 4

    Under $1.5mil

  • 5

    Slope of block less than 3m from front to back

Client Outcome

Key attributes of selected property
  • Located in Balwyn North – a blue chip suburb that has experienced significant capital growth and is highly desirable for families – this will allow our client to build a family home and achieve a strong return

  • Land size of 700 sqm approximately – this allows our client to build a large family home and still allow enough land for a backyard – key criteria for family home buyers in the area

  • Regular rectangular block with no caveats and no easements – this allows flexibility for our client to build a new home without restrictions as to what they can build (outside of council planning requirements)

  • The property had a price guide of $1.1-$1.2mil – this was well within our clients budget and there was plenty of room for movement

  • The block was fairly flat, had a slight slope well under the 3m maximum slope request by our client – this would reduce the cost of the build for our client, saving them money. Generally the greater the slope the higher the cost to build

Successful Purchase

We had a very tight and strict search time for this client of 6 weeks. They have developed several properties in the past and knew exactly what they wanted to buy. The agent was clear from the beginning that this property had to go to auction as it was a deceased estate. Deceased estates almost always go to auction, as they must be put to the market and sold publicly to ensure they receive a ‘market price’. We used our auction bidding strategy to secure the property for our client at auction against four other bidders for $1.389 million, well below our client’s budget. We also negotiated to pay a 5% deposit upfront instead of the standard 10% which meant they could put this money to other costs associated with the development.