Motivated buyers vie for updated Newtown home in quick sale
No auction, no worries. Two buyers motivated to end their property search compete for an updated Newtown beauty.
Buyers seasoned by spending months searching for a home have shown they are prepared to purchase amid the uncertainty created by the coronavirus shutdown.
Buxton, Newtown agent Ben Riddle said two parties fitted the bill as a two-bedroom Newtown house sold for almost $800,000 two weeks into a converted deadline sale campaign.
It was a fortuitous outcome for the sellers of 83 Nicholas St, who had already secured their next property and needed to press on despite the government banning public auctions and home inspections as they went to market.
The two groups, both professionals, contested the renovated clinker brick house, which sold for $790,000.
“Both buyers were looking a couple of months ago,” he said.
Both also had secure financial positions, he said.
The deadline campaign was due to run until April 18.
Price hopes had been set at $730,000 to $760,000.
The updated house has a north-facing living room with an outlook to the garden and connects with the adjoining dining space.
The kitchen includes stainless steel appliances, a subway tile splashback and timber island bench, creating a modern and functional workspace.
The house is a minute’s walk from Stinton Ave shops, with Pakington St shopping and Newtown’s renowned schools also in the neighbourhood.
“That listing was caught in limbo and was converted from a classic auction to a sale by fixed date process,” Mr Riddle said.
But he said the process unearthed two types of buyers — those who have been searching for months and those new to the market and prepared to wait.
“The longer you’re in the market pre-coronavirus, the more prepared to transact and mentally ready to purchase they are,” he said.
Mr Riddle said it was early days for the full impact of the coronavirus shutdown to become apparent, but it was clear that many sellers had brought forward listing their properties.
He said it created a high level of stock on the market for the limited number of buyers still active, but could provide a positive later in the year if supply dries up.
“Owners occupiers are out in full force, investors sitting are on their hands as they don’t have to transact.”
Originally published as Motivated buyers vie for updated Newtown home in quick sale