….a little slice of Victorian-style Heaven in Coburg

A fantastic, third-time client of ours decided to take our advice and diversify his portfolio by adding a piece of Melbourne’s inner-north to it. His mutual love of Victorian cottages and terraces matched mine and we knew that we’d have a challenge on our hands this time with a $650,000 brief targeting quality areas in the north.

The reason for the challenge was era. There are not very many renovated Victorians in the inner north for $650K.

But we never say never! Instead of fixing onto one era and being rigid, we decided to expand our search into Edwardian and Californian Bungalow era, and to focus on properties with backyards which had been carved off, subdivided and redeveloped. We felt that his options and prospects in locations such as Coburg North, Preston and parts of Reservoir were quite attainable with a bit of careful sifting.

Then we found THIS. A stunning little, fully renovated terraced two bedroom Victorian in one of Coburg’s most convenient streets and favoured pockets; just moment’s walk from Sydney Road restaurants, cafes and bars; and only 400m from Moreland Station and a mere 80m from a tram stop.

Tenants would be completely spoiled for choice and could set out on foot for a great meal at just about any time of the day or night. Some of the best Middle Eastern Cuisine is just a two minute walk for the lucky inhabitants. This incredible breakfast at Zaatar is just a hint of what’s on offer in this great, eclectic strip

The question was – how could we get it within budget?

We made a bold decision to put in one, firm, final offer. We exhausted our budget, did our due-diligence and gave it our best offer.

We crossed our fingers and hoped that our bold move would shake off some auction competition, unnerve other buyers, and secure our client a beautiful addition for his portfolio.

And luckily – it did.

Many buyers don’t warm to a call from the agent before they are mentally or emotionally prepared to go to auction. Some are still awaiting their last minute bank/broker sign off. Some haven’t heard back from their conveyancer or solicitor. Some are busy at work and can’t check their phone, and the bidders who have a parent or friend prepared to bid for them on the day often lose their nerve if they aren’t given much of a time-frame to think on their feet. And then there are the buyers who just don’t believe the agent’s claim that the property is about to sell.

Whatever it is, we often find that in competitive situations, a last minute pre-auction offer can take potential bidders by surprise and place our client in a better position to buy. We exchanged contracts just 21 hours prior to the scheduled auction for a price of $655,000. We couldn’t be happier for our client.