Four buyers competed for a two-bedroom One Central Park apartment after Stevan Vuk-Luboya of Richard Matthews Real Estate used a transparent pricing strategy that pushed the guide from $920,000 to $1 million — delivering the vendors their dream result in 23 days.
The property at 406/5 Park Lane in Chippendale went under contract after 23 days on market via private treaty, delivering the vendors their dream price in a market where value perception drives buyer behaviour.
Strategic price-guide shifts created momentum
With many properties sitting on the market longer than usual, Stevan adopted an education-based approach that moved the buyer’s guide upward as interest strengthened.
“It was a very large range of sales, anywhere from $880,000 to $980,000 for similar homes,” Stevan said.
“We initially started with the expectation of attracting buyers within $920,000 to $950,000. Once we gauged interest, the price guide was adjusted to $960,000 to $990,000, we then educated all the buyers as to where the interest was, and amended again to $975,000 to a million. Eventually we had two buyers fighting for it.”
The vendors — a barrister and an art director — understood the transparent negotiation approach and trusted the strategy to bring them the best price.
Four buyers competed, six still active
The campaign generated offers from four different parties, meaning three buyers missed out.
Stevan estimates another six qualified buyers are actively looking in the One Central Park complex, signalling strong ongoing demand for the right product.
Buyers commented most on the general feel and outlook. Despite being a compact space, it felt large and open with a homely yet chic industrial atmosphere.
The location in the One Central Park development — with its attached shopping centre, gymnasium, sauna, and spa facilities — was the primary draw for most inspections.
Value perception is king
Stevan’s micro-market read is clear:
“Value for money is king. There are a lot of buyers very hungry to buy apartments, but they want to see perceived value.”
For vendors considering a sale in the area, his advice is straightforward: have a transparent look at what has sold, establish the true market value, and find the right starting point to attract buyers who will then drive the price up through their own competition and desire.
The result delivered exactly what the vendors had hoped for — they had always said they would accept something in the nines, but their dream price was $1 million.
The one-bathroom, one-car-space unit result fell perfectly in line with the suburb’s $1.03 million median for two-bedroom units, positioning it in the premium segment of Chippendale’s apartment market.
About the agent
Stevan Vuk-Luboya is a Sales Executive and Auctioneer with Richard Matthews Real Estate in Sydney’s Inner West. Known for an empathetic, straightforward style, he combines strong negotiation with clear communication and management. His results include multiple sales records and industry awards, including repeat ‘Agent of the Year’ honours. He focuses on achieving the best outcome while keeping clients informed throughout. For more information, visit Stevan’s website or call Stevan on 0402 003 003