Prateek came to us as a first-home buyer seeking a two-bedroom apartment in Sydney’s eastern suburbs. While he was flexible on the suburb, the brief included several firm non-negotiables. Specifically, he wanted a modern apartment, a lift, and a large balcony or courtyard. Above all, it had to have a study.
Soon after Prateek came on board, budget changes left few suitable properties on the market. At one point, only one suitable listing appeared over four weeks. Therefore, we spoke to every agent in the area to uncover off-market opportunities. Even then, stock remained limited. Overall, this was a patient, grind-it-out search.
Then, a modern three-bedroom apartment with ocean and district views came up in Randwick. It looked like the one and, importantly, came with a bonus. Although Prateek had set out for a two-bedroom apartment, the third bedroom gave him a dedicated study. That feature sat at the top of his list.
However, we were not the only ones who saw its potential. Two other buyers were circling, and the owners wanted to sell because the tenants had moved out. Moreover, the vendor already had an offer before we entered the race. As a result, we had to move fast.
Still, moving fast does not mean skipping the work. During due diligence, I found a few discrepancies in the strata report. So, we quietly worked through each issue without spooking the deal. This meant speaking with the agent, strata manager, our conveyancer, and a separate building inspector. Once we understood and addressed every issue, we prepared our offer.
First, we had to beat the offer already in front of the vendor, which we did. Then, the real contest began. A third party and their buyer’s agent joined what became a behind-the-scenes auction. Over the next 24 hours, we negotiated hard. Finally, at 9 pm on Monday night, we secured the property for Prateek.
Ultimately, Prateek faced a tight market, a competitive campaign, and a strata report that needed untangling. In the end, he secured a home that ticked every box, study included.