Anthony Kassis has sold a renovated two-bedroom apartment in Mascot for $828,000 at auction, turning down a pre-auction offer to give four registered bidders a fair chance at the property.
The buyer who came back
The successful buyer was a local single man who had missed out on another apartment in the same complex through Anthony just two months earlier. When that earlier property sold prior to auction, Anthony stayed in touch.
“I contacted the purchaser and said, ‘Unfortunately we sold it prior, but I do have another one which is better than this one coming up,'” Anthony recalls.
The buyer had started looking at properties in Cronulla and Sutherland, but Anthony convinced him to inspect the Tunbridge Street apartment first. At the first inspection, the buyer made an offer the vendors would have accepted.
Anthony recommended going to auction anyway.
Why turn down a pre-auction sale
“This method of going to auction — I had total confidence with the marketplace,” Anthony explains. “It allowed the purchasers to do their due diligence, be prepared to go to auction, and buy the property fairly and squarely, rather than negotiate over the phone with the three or four buyers that I had on my books, which would have created an auction before the auction.”
The vendor — described by Anthony as realistic and genuine from the outset — agreed with the strategy. The property had attracted four registered bidders: two first-home buyers and two investors. By auction day, the two first-home buyers were the ones competing.
The apartment sits in a quiet, residential complex on Tunbridge Street in Mascot’s inner-south apartment market, close to Mascot Station, local shops and parks. The suburb’s two-bedroom unit has had 217 sales recorded this year and typical days on market at 52.
Transparency as strategy
Anthony’s approach centred on disclosing the reserve price to all four buyers before auction day. The property was on the market at $805,000 — and every bidder knew it.
“The buyers knew that the vendor was very genuine and that the reserve price became knowledge to the buyers, and that created competition amongst them, because they knew they could buy this property at that level,” Anthony says.
The winning bidder paid $828,000. The underbidder was $500 behind.
“Both buyers at the end knew that they would miss out on the property had they not competed for it,” Anthony says. “It gave the purchaser confidence. They could be confident in knowing that they didn’t overpay for the property because the next buyer below, which is $500 less, would have bought the property in any case.”
The vendors’ expectations had been in the $800,000 range. They were delighted with the result.
What it means for Mascot sellers
For other property owners in Mascot looking to sell, Anthony’s advice is unequivocal: transparency is the key to success.
“If the owner is honest with the agent, and more so the agent is honest with the owner, they both can be transparent in telling the buyers a true indication of what the property will sell for,” he says. “The key to success at auction isn’t underquoting and overpricing. The key to success at auction is the agent being honest with the market and not misleading the market.”
About the Agent
Anthony Kassis has been selling real estate since 1985, navigating three recessions, a global financial crisis, and the pandemic. With 36 years’ experience and more than $750 million in sales across Sydney’s eastern suburbs, he is known for his transparent approach, exceptional negotiation skills, and reputation for setting and breaking record prices. Visit Anthony’s website for more information or call Anthony on 0412 750 992.