John Castrisos has sold a three-bedroom house at 52 Plowman Street in North Bondi for $500,000 over reserve at auction, despite the property being unlivable when he first inspected it.
Cleared-out property draws five bidders
John Castrisos faced an unusual preparation challenge when an elderly vendor needed to move into nursing care and left behind a house filled with personal belongings and accumulated rubbish.
“The house was unlivable,” John said.
“There was lots of built-up rubbish through the house. First job was to empty the house of personal belongings and remove the rubbish. Then it was up to us to get the house cleaned and in a fairly presentable state so we could start showing buyers through.”
The vendor’s guardian understood the condition would affect pricing expectations — but John saw a different angle.
Marketing the potential beneath the mess
Rather than hiding the property’s condition, John made it the centrepiece of his marketing strategy. Photography showed the house exactly as it was, targeting buyers who understood what they were looking at.
“We presented it as an opportunity, an exciting opportunity. We were very upfront with our photography work about the condition of the home. We never hid the fact that it needed work. We didn’t want to attract the wrong type of buyer.”
John prepared marketing materials showing recent sales for renovated homes, newly built homes, and attached semis in the area — giving buyers confidence that the additional renovation investment would yield returns. The materials were available at open inspections and became a key discussion point.
The strategy worked. The poor condition became a selling point rather than a drawback, attracting buyers looking for either a renovator’s delight or a knockdown-rebuild opportunity.
Local family sees the lifestyle value
The eventual purchasers were a local family looking to enter the North Bondi pocket. They wanted the level walk to Seven Ways and Bondi Beach, and the freestanding home gave them future flexibility for a growing family.
“The big selling point for this particular home was its flat level block of land and good sized backyard,” John said.
John also cleaned up the garden area to showcase the 330-square-metre block’s potential.
Five bidders create auction competition
The auction drew five registered bidders on a sunny autumn day, with approximately 50 people in attendance. Three bidders remained active once the property reached reserve, then two fought it out to the finish.
One underbidder was a builder planning to knock down and rebuild for resale — a purely economic decision. The winning bidder was buying a family home.
“The purchaser that eventually bought it was very, very strong and conveyed to the rest of the buyers that she was going to buy it,” John said.
The North Bondi opportunity
North Bondi’s appeal lies in its level walk to Seven Ways and Bondi Beach, with freestanding homes on flat blocks commanding premium prices. The suburb has seen house values appreciate 52.45% over five years, significantly outpacing unit growth, reflecting strong demand for properties with renovation or rebuild potential.
John’s advice for other North Bondi vendors centres on strategic pricing and market awareness.
“What’s important is pricing the property accordingly, providing a really good buyer guide. We also advised our vendors of similar properties on the market at the same time, looking at what our competition was doing as well.”
About the Agent
John Castrisos brings over 35 years of experience to residential real estate, having established boutique agency ‘home estate agents’ in 2003 after stepping away from large franchises. His approach prioritises lasting client relationships and hands-on service, treating every property — from studio apartments to multimillion-dollar homes — with equal care and commitment. Visit John’s website for more information or call John on 0412675224.