International acquisition: offshore family looking for Sydney bolt-hole
Suburb: Rose Bay
Price: $5m
Land: n/a
Brief
With a daughter living and working in Sydney, this NZ couple needed a place that could house them on visits and also provide their daughter with a leg up into the Sydney property market. The budget was initially set at $4m, minimal work required and (if an apartment) no small (scary) elevators!
Challenge
The solution had to meet the needs of a twenty-something professional who works in the CBD, alongside an older couple who wanted access to golf courses, restaurants and good coffee.
This couple had very little working knowledge of Sydney, beyond Double Bay and visits to Australia were irregular and short, so time on the ground was very limited and needed to be thoughtfully planned.
Solution
Upfront we invested a full day in a tour of the eastern suburbs - aiming to get a vibe check against each of the villages to focus the search. We learned: harbour views unimportant, Potts Point too urban, Point Piper too isolated, coffee must be close by and lots more.
We shared our playbook when dealing internationally. For example, ensuring that deposit funds are in Australia well before negotiations take place - delays can scupper deals.
Shortlisted properties ultimately could not have been more different:
A perfectly positioned Double Bay apartment that was all about convenience
A beautiful Paddington terrace just steps away from The Junction (where we brought in an architectural consultant to provide guidance on potential minor floorplan adjustments, likely cost and council approval process)
But, overall, there was disappointment in what the budget could afford when faced with the reality of the Sydney vs Auckland markets. So a few weeks into the search, we pivoted to a revised budget of $5m to enable the client to see options in that bracket. The final property was a near new penthouse in Rose Bay, beautifully finished, north-west views to the city skyline, a walk to the CBD ferry and conveniently located - upstairs from a pool, gym and Harris Farm.
With our target in mind, we rapidly executed our due diligence process against the strata, unearthing for discussion the history of the building for debate and to ensure any decision was well informed.
Result
Our client had an anathema to auctions (the preferred method of sale in Sydney’s east) so it was critical we secured a pre-auction offer.
This required deft negotiation to have the auction cancelled, despite our offer being 10% below vendor expectations. A similar apartment in the same building sold just a few months later for $350k more.
“We had a wonderful experience with Mark throughout our buying process. We were guided through every step very carefully and with respect and care.”
