Alex Phillips of McGrath Coolangatta/Tweed Heads sold 34 Laura Street, Banora Point for $1,170,000 by identifying two buyer groups — those fixated on renovation costs versus experienced buyers who saw the opportunity — and using auction method to let the latter compete.
Sorting the buyers from the browsers
Alex Phillips of McGrath Coolangatta/Tweed Heads sold 34 Laura Street, Banora Point for $1,170,000 by identifying two buyer groups — those fixated on renovation costs versus experienced buyers who saw the opportunity — and using auction method to let the latter compete.
The campaign succeeded by anticipating buyer objections before they surfaced. Alex identified that the 58-year-old property would attract two distinct buyer groups — those concerned about renovation costs, and experienced buyers who understood the opportunity.
“I discussed with the owners that in the current market of northern New South Wales, the price point of $1 million to $1.5 million is quite active,” Alex says.
“Given the property is over 58 years old, there would be potential pushback because of the amount of work buyers would be considering on top of their purchase price. My discussion was to use the auction to bring forward the unconditional interest.”
The strategy delivered 70 inspections over 21 days. Buyers split exactly as Alex predicted — some focused on renovation costs and road noise from the adjacent street, while others with construction knowledge or previous buying experience saw the potential.
“Those who had bought and sold before, or were in the construction industry, recognised what you could do with the property without having to overspend,” Alex says.
Competition delivered early confidence
Seven bidders registered for auction day. The property hit reserve early in the bidding, giving the vendors immediate confidence to place it on the market.
Once declared on the market, a third bidder entered the competition, pushing the final price higher as three buyers competed for the property.
The vendors were collaborative throughout the campaign, responding to feedback and appreciating the regular communication and detailed reporting.
What it means for the street
For other property owners in Banora Point considering a sale, Alex says the conversation starts with expectations and current market conditions.
“It’s about deciding if work is necessary and how to do that in a cost-effective way,” he says.
“Showing them a process is what gets a great result. It’s not just setting a price and hoping for the best.”
What surprised Alex most was the volume of genuine interest — 70 inspections and strong buyer engagement throughout the campaign demonstrated the appeal of ocean views and location, even when renovation work was clearly required.
About the agent
Alex Phillips brings a keen eye for renovations and design to the McGrath Coolangatta/Tweed Heads team. He operates with a client-centred approach, keeping vendors thoroughly updated throughout the sales process and remaining receptive to suggestions. Alex specialises in the beachside suburb of Coolangatta and prides himself on his professionalism and diligent communication. Visit Alex’s website or call Alex on +61 404 335 212.