Captivating Coburg

Two months ago we met a delightful couple who were on the quest to find their family home. Their criteria list was sensible, exciting, challenging but achievable, so we set out on our assignment with them.

A family home with potential to improve, on a 400sqm+ block is no mean feat when the target area is within 10km north of the city and the budget is around $800,000… but we knew with a bit of searching and agent-nagging some good options would come up.

After an auction loss, they commiserated but their hopes weren’t diminished.

A lovely agent we’ve worked closely with over the years alerted us during week six to a beautiful bungalow in arguably one of Coburg’s best positions.. Not only was this house on a 435sqm block, but it had rear right of way, an amazing canvas, three genuine bedrooms and plenty of scope to improve cosmetically.

Our clients inspected it and loved it. They could see the potential, favoured the location and our analysis told us that they could afford it.

The only catch? It wasn’t an off-market. It was a pre-market.

This means that the vendor had every intention of running it to auction, however our agent had facilitated a tiny window for us to see it in and make a snap decision on. If we could offer the vendor a price which satisfied them, they’d consider selling prior to auction. We often consider buying under these types of situations. The risk for any buyer is feeling as though they paid more than they may have needed to at auction. But the flip-side is that nobody knows how much traction a sale campaign can get over that five week period, and none of us can guess what the strongest bidder could ultimately pay.

In a Seller’s Market, quite often the reserve is substantially lower than the highest bid.

Given the house was not just well-suited to our couple, but also reasonably scarce, we made the decision to commence negotiations immediately.

Taking into account the locale, accessibility to the city and Citylink, ease of ‘walkability’ to nearby train and tram, not to mention the proximity of some of Melbourne’s best cafes, our enthusiasm for the property was obvious.

Situated right in the heart of premium Coburg, and with Sydney Road and Nicholson Street straddled either side, our clients could enjoy all number of cafes. Just to name a few; Two Monks Cafe on Sydney, and True North on Munro St just near Coburg Station, then to Ruby’s Cafe on Nicholson St; a throwback to 1940’s style with comfort food firmly on the list.

A building inspection followed and our couple quizzed the builder on improvement options, potential costs and time frames. Given the internal upgrades weren’t urgent but would one day add value to the home, all options were weighed up.

Negotiating directly with the vendor was one thing, but once other competing buyers were all given an opportunity to put in their offers, our long nail-biting wait began.

Our swift action and decisiveness, combined with a fantastic early-alert from our agent all combined to deliver a pleasing result for all. Secured for $820,000 on ideal terms, our happy buyers can look forward to calling Coburg home.