Nicholas Armstrong-Smith of Century 21 Armstrong-Smith sold Unit 1/17-23 Newland Street, Bondi Junction, for $1,377,000 before auction, after a best-and-final round between two buyers lifted the result above the $1.3 million guide.
A familiar building and a full refresh
The office of Nicholas Armstrong-Smith of Century 21 Armstrong-Smith sits two buildings along from the block on Newland Street, and the team has transacted there many times.
The agency had also managed this two-bedroom apartment for years. Nicholas’s wife Shona, who runs the agency’s property management team, had built a strong relationship with the owner, and the vendor was happy to list with the agency.
Once the tenants vacated, the vendor gave permission to repaint, recarpet and style the apartment. Nicholas launched the campaign with an auction guide of $1.3 million.
Courtyard and same-level parking won over first-home buyers
The buyers are a local couple who love Bondi Junction and were looking to buy their first home together in the eastern suburbs.
The apartment offered a security building, a large terrace and a car space on the same level as the apartment. The building also has an indoor pool and gym.
At inspections, Nicholas said buyers kept coming back to the courtyard and the car space. Location also played a part.
“You’re literally across the road from Eastgate Shopping Centre,” Nicholas said. “Your pantry is basically across the street.”
Two buyers, no cooling-off and a best-and-final call
Two buyers emerged as standout contenders during the campaign. Negotiations began in the week before auction, with both buyers requesting contract amendments and reading the strata report.
Offers rose in small increments between the two parties.
Nicholas timed his next move around those amendments.
“Once their contract amendments had come back, we knew we were in a position where we could formally exchange with no cooling-off period,” he said. “At that point we called for best and final that afternoon.”
The call separated the two parties. The successful buyer secured the apartment at $1,377,000, and the contract exchanged on 20 October after 21 days on market.
The vendor let the team run the process and was delighted with the extra price the negotiation drew out.
About the agent
Nicholas Armstrong-Smith has more than two decades in real estate and has led Century 21 Armstrong-Smith with his wife Shona since 2012. A six-time Century 21 Centurion Award winner, he is a licensed estate agent, auctioneer and Justice of the Peace with deep roots in the Bondi Junction precinct. Visit Nicholas’s website for more information or call Nicholas on 0419273703.