Back on the rodeo, selling in Brisbane.

Wasn't that long ago I'd sold a property and I'm back at it. I'll again post my Brisbane experience this time round. Some details will be kept private.


The property is a contemporary home, strong demand OO suburb in Brisbane, inner to middle ring(ish) area.

Photos being taken next week. Sprucing up some landscaping in the garden. Thanks again @Pumpkin for your landscaper recommendation. Peter is really a gentleman.

Marketing: Around 4k.
Agent fees: 2.2% inc gst

Plan is to hold a couple of weeks open followed by an auction.

Currently homes in the area are commanding very strong prices. And if luck is on your side, buyers have been known to offer really crazy amounts above reserve. Will update my experience as it unfolds.

 

Plan is to hold a couple of weeks open followed by an auction.

Why only 2 weeks? Marketing campaigns are usually done over 4 weeks with OFIs to get feedback on price and receive offers before an auction is held at the end of the 4 week period.

 

Yes maybe 4 weeks is too long in a seller's market and 2-3 weeks is enough, but the downside is you don't get as much exposure with a 4 week campaign. You could potentially lose out by having less interested parties bidding at auction or making an offer.

 

Our OFI is 3 weeks followed by an auction. For the same reasons @wylie gave. Too long and buyers have potentially more stock to contend with but also can become more indecisive and some second guess themselves.

 

That's possible but you can always negotiate post auction if you don't get your price and stay a few more weeks on the market.

I think in current markets, where stock is low and buyer's are plenty, you want to capitalise on that and get your good price before more stock hits the market. I guess you could miss some buyers with a shorter campaign but also have more competition which could really affect your sale if it draws the top buyers at the time away from your sale.

Pros and cons but personally I think a shorter campaign is in my best interest presently.

 

@Sackie if you don’t mind sharing, have you done well out of the property? Or not as well as expected and that’s why you’re happy to unload?

Ballpark buy and expected sell figures would be great but understand it’s a public forum and you may not want to post.

 

These properties were always planned to sell, not keep. I have 3 parts to wealth creation. 1. Expand my portfolio for resi via holding, 2, develop and sell some to reinvest into other projects in Australia and Asia and also help fund my lifestyle and 3. Expand commercial RE with my JV partners.

I can't give too much detail as it's going to market. But based off recent comparable sales I should comfortably be making just under 900k profit after expenses from the entire venture over a 2 year period.

Return on capital would be a couple of hundred percent. For me, the venture was more than worth it as long as I get the anticipated sale price.

 

Very impressive numbers. Hopefully you get the result you’re after

 

Thanks, don't wanna count my chickens before they hatch, fingers crossed. If I don't get anticipated prices then return would be average, a couple of hundred thousand net in 2 years . Still, money doesn't easily fall from trees ( at least not for me) so it's better than no money. But crossing my fingers and toes I get at least current comparable sales, which would then be fantastic.

 

What was the final result of the last sale? I lost track of that thread.

 

Went down fighting between a few buyers , which further increased sale price by over 80k above what I considered to already be a fantastic price. Bought by a very nice family returning from overseas.

Brisbane Inner Ring Sale

 

Update:

Had first open recently, 28 groups through. Next 2 days had 4 BA enquires, multiple emails and calls.

And the journey continues.

 

Auction today.


Que sera, sera

 

Sunday auction?

Sounds like Sydney 20 years ago. Those northerners are catching up.

 

Good luck!!!

 

Thanks Myf.

 

How did it go? Fireworks still?

 

Today has many hours to go mate

 

No news. I suspect it’s a passed in