A Sunshine Coast real estate agent is encouraging homeowners in redevelopment areas to rethink the traditional way of selling, arguing that joining forces with neighbours could deliver significantly stronger results than going it alone.
The advice follows the recent sale of two neighbouring investment properties in Maroochydore, which sold together to a local developer for $1.5 million each after the owners agreed to market the sites as one opportunity.
The sold properties comprise a five-bedroom, three-bathroom, four-car home on a 612sqm block at 8 Gilbert Street and a four-bedroom, two-bathroom, two-car home on a 622sqm block at 10 Gilbert Street.
Three neighbouring properties were originally taken to market as a consolidated offering. However, while the owners of 8 Gilbert Street and 10 Gilbert Street secured a buyer together, 33 Gibson Street – a 701sqm property with an existing duplex – did not sell as part of the transaction and is now being offered individually.
PPG Property Group Wurtulla director Bec Simpson said the campaign was unusual because the neighbouring owners approached her together after discussing the idea among themselves.
“It’s a rarity that you get individual owners come to you,” she said.
“Normally, one owner owns multiple properties or a developer owns them. So we were just trying a different strategy for the market, and it was successful.”
Ms Simpson said the success of the campaign had already prompted enquiries from other property owners wanting to better understand the strategy.
“I’ve even had another couple of people reach out to me wanting education on moving on the market, and I definitely think it is the way to go,” she said.
“The reason being … you’re able to join a campaign together, but then also, too, it gives them a bigger target market for us to be able to sell to.”
Related story: Neighbours join forces for unique waterfront sale
The Gilbert Street properties were on the market for about 63 days, with negotiations continuing for around seven weeks before an unconditional sale was reached.
Ms Simpson said about 80 per cent of buyer interest came from within the Sunshine Coast, with the remaining enquiries coming from interstate and overseas.
She said marketing the neighbouring properties as one offering had made a significant difference to the outcome.
“If they were to go to market individually, there is no way they would have got close to where our benchmarks are at,” she said, noting a nearby property had recently failed to attract bids at auction.
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While she acknowledged the approach would not suit every property, Ms Simpson said it could be particularly effective where neighbouring sites had redevelopment potential.
“It’s obviously got to work for everybody being an individually titled property. So as long as you’ve got your benchmarks right for it to work, it definitely did. It was very effective,” she said.
Ms Simpson believes more homeowners will consider the approach as the property market continues to evolve.
“I would definitely recommend it become more common as well, especially the way the market’s now pivoting and changing,” she said.
“It’s not Covid time. So you’ve got to be able to think outside the box and that’s exactly what we’ve all done to achieve the result.”
Auction results
14 Micrantha Place, Mountain Creek
- Passed in
- 4 bed, 2 bath, 2 car
- Ray White Maroochydore, Nicholas Low
5405/5 Emporio Place, Maroochydore
- Passed in
- 2 bed, 1 bath, 1 car
- Ray White Maroochydore, Niall Molloy
18 Crystal Waves Place, Alexandra Headland
- Passed in
- 4 bed, 2 bath, 2 car
- Ray White Kawana Waters, Jacob Hussey
14 Richard Street, Nirimba
- Auction did not take place
- 4 bed, 2 bath, 2 car
- Ray White Mooloolaba, Michael Chapman
305/7 Little Grey Court, Birtinya
- Passed in
- 2 bed, 1 bath, 1 car
- Ray White Mooloolaba, Justin Wijaya
1/7 Corowa Court, Mooloolaba
- Passed in
- 2 bed, 1 bath, 1 car
- Ray White Mooloolaba, Justin Wijaya
98 Creekwood Avenue, Meridan Plains
- Sold prior to auction for $1.33m
- 3 bed, 2 bath, 2 car
- Ray White Mooloolaba, Adam Budd
