Market Appraisal Report & Marketing Strategy 3 Shackel Avenue, Gladesville Prepared For John Dowey & Family Prepared By Robert Bagala McGrath Estate Agents 0418 220 882 02 9816 3500
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au CONTENTS 1. OUR SALES TEAM 2. CURRENT MARKET VALUE & WHY 3. MARKETING METHODS & PROGRAM 4. PREPARATION & Current PRESENTATION 5. PROFILE OF CURRENT & TARGET MARKET 6. INTERNATIONAL & ASIAN MARKET 7. WHY MCGRATH ESTATE AGENTS 8. PERFORMANCE & RECENT RESULTS 9. RELEVANT & MISC NOTES 10. SELLING FEES
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au OUR SALES TEAM McGrath Estate Agents are known to be one of the most successful groups of real estate agents in the Northern Districts. Winning numerous awards throughout the network for outstanding sales results and high auction clearance rates. Our large team of local sales and property management experts is known for friendly, personalized service. We take pride in being the first choice in property agents, servicing a community of long-standing relationships. Our success is supported by McGrath's industry-leading marketing, innovative technology, and extensive client database with a global reach.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au Robert Bagala Principal 02 9816 3500 0418 220 882 [email protected] Dedicated to delivering the highest level of personalised service and committed to the continued pursuit of excellence in real estate, Robert’s award-winning career spans 25 years and is widely regarded as a premier agent throughout the industry. Supported by a dynamic team of professionals complimenting his hyper focused vision to service a vibrant local community of friends and families, Robert displays an unwavering passion to retain clients for life, defined by a genuine nature, tireless work ethic and pledge for absolute integrity. Roberts stellar reputation as an authentic property expert and local ambassador align seamlessly to create outstanding results for people and property.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au Felix Kerameas Sales Associate 02 9816 3500 0497 006 755 [email protected] Passionate about property and proudly committed to work alongside a dynamic group of award-winning sales colleagues, Felix Kerameas plays an integral role in the high performing team of selling principal Robert Bagala. Drawn to the company values of a strong and collaborative team culture, his drive aligns perfectly with McGrath’s long-standing reputation for excellence in local property sales. Dedicated and focused to realise the continued success of Robert’s team, Felix demonstrates the shared vision and unwavering commitment to premium results, complimented by genuine & supportive nature.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au Cooper Warnock Sales Associate 02 9816 3500 0450 730 882 [email protected] A longstanding community member with impressive local insight, industry knowledge and valuable sales experience, Cooper combines enthusiasm, a personable nature and commitment to the pursuit of premium results. Priding himself on unwavering worth ethic & determination to support the growth & success of awarding winning principal & selling agent Robert Bagala, he is an impressive young real estate professional with infectious energy and genuine passion for property. Aligned with Robert’s team culture of core values and dedication to promising & delivering 1st class representation at all times, Cooper is supported by a nationally recognised sales team at McGrath Ryde.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au Wendy Tong Executive Assistant 02 9816 3500 [email protected] Blending elite organisational skills and supporting the fast pace of Robert Bagala’s hyper focused & high performing sales team, Wendy delivers the critical role of all things administrative with marketing & sales management. Additionally committed to bridging the gap with her successful connections of discerning Chinese clientele, Wendy is dedicated to realising the continued success & growth of Robert’s dynamic team in their impressive performance across our vibrant community.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 2. CURRENT MARKET VALUE & WHY We believe that a current reasonable selling price for the property, based on our knowledge of the present local market, the strategic position of the property together with the unprecedented growth of the area would be; In the vicinity of $4,250,000 - $4,475,000 We would, however like to explore the market to see if there is the possibility of exceeding this figure. This figure is not a formal valuation, but as established, responsible and competent agents it is our best considered opinion based on the following criteria. 1. Recent comparable sales (see attached) 2. Current comparable offerings 3. Our “hands on” knowledge of the present market and (buyer database). We at McGrath Estate Agents, believe the correct strategy and procedures need to be in place to achieve an outstanding result when selling property. • FASTER SALE • LESS INCONVENIENCE • ATTRACTS THE RIGHT BUYERS. • HIGHER OFFERS Price is a key determinant of whether a property will sell or not. An overpriced listing is the number one barrier to that goal. Overpricing will only help sell other properties by comparison. Our aim is to provide you with factual information as to what recent comparable properties have sold for in your area. We will then work with you to establish a realistic price for your property. Overpricing a property will only disappoint and leave you with an agent having to deliver excuses as to why the property is not sold. Whilst real estate agents do not establish value, the buyer market with the added skill of agent representation will always maximise the figure.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 3. MARKETING METHODS & PROGRAM It is important to understand & appreciate that there is no “one better method”. Our philosophy is clear. The property should be marketed by the method most successful in: a. The Current Market Place b. The Current Conditions …and lastly c. A combination of what might be your preference in style, experiences & our qualified recommendation, noting all of the above. A) THE PUBLIC AUCTION METHOD The public auction method will no-doubt create a competitive market place where buyers have to compete with other buyers, rather than competing with you, the seller. With an auction, your property cannot be sold unless it reaches your 'reserve price' - however it can be sold for well above the reserve price. This is because there is no firm asking price; hence, no "ceiling" is created in the buyers' minds. The many benefits to auctions are: • Significantly raises the profile of your home through a carefully targeted, intensive advertising campaign. • Places a time limit on buyers, encouraging them to make a high offer before the auction rather than wait to see what auction day may bring, allowing you the option of selling before auction if you choose. • Allows you - the seller - to set the terms of the sale. • Has no "cooling-off" period (when buyers change their mind). • Is not conditional on buyers' finance approvals. • Creates competition between buyers, pushing the price up rather than negotiating it down. Submitting your property for auction means that prospective buyers will bid against one another at a date and time set by you. Both the seller and buyers can see how much interest there is in the particular property and, importantly, each buyer can see who they are bidding against. Each bidder is competing for the same property under the same terms and conditions, with the property being sold to the person who is prepared to bid the highest amount.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au OUR AUCTIONEERS Troy Malcolm | Lower North Shore, Northern Suburbs and Surrounding Areas Harnessing over 17 years of industry knowledge to maximise results, Troy is regarded by John McGrath as ”one of the brightest talents in Australian residential real estate”. Not only a talented auctioneer, but a key executive within the McGrath business, Troy boasts accolades such as 2017 McGrath Auctioneer of the Year, 2016 CEO Award recipient, and the co-host of Australia’s #1 Real Estate Podcast “Million Dollar Agent” which has accumulated over 2,000,000 plays on iTunes. Troy’s accuracy, confidence and control during the auction process is a testament to his passion for the industry, and experience as a seasoned auctioneer. Paul Hancock | North West Sydney, Northern Suburbs and Surrounding Areas Paul brings a wealth of media and presenting experience to his years of auctioneering and has been with McGrath since 2018. He operates from Sydney’s lower North Shore to the Hills District, Parramatta and everywhere in between. Paul consistently achieves outstanding results for his agents and vendors, both on the auction floor as he engages the crowd and bidders, or deep in the negotiations where he is always happy to be involved.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au B) PRIVATE TREATY (Asking Price) Many sellers view Private Sale as being less stressful. Private Sale, or Private Treaty, is where the property is offered at a price determined by you, the seller. When a buyer expresses interest in the property, a First National consultant negotiates on your behalf with the buyer in order to maximize the price. You benefit as the seller because a Private Sale: • Can have less marketing costs associated with it - this of course depends on how long it takes to achieve a satisfactory sale. • Removes the open competition that comes with bidding - which may suit you if you find auctions daunting. • Can be slightly less stressful because it does not build up to a deadline like auction day. • Enables you to negotiate on terms and conditions (such as long settlement), as well as the price. • May have a lower profile campaign if so desired. Many purchasers like the fact that a price is defined, and would therefore prefer to buy through private sale. However, the seller of the property must commit to a price when the property goes onto the market; therefore it is critical that you set the price correctly.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au C) PRICE GUIDE OR PRICE RANGE Essentially, this method combines the best aspects of the Public Auction method and the Private Sale method, to provide yet another innovation aimed at bringing you a truly fantastic result. The property may be advertised with an estimate price or price range to provide buyers with some guidance of the selling range, while still appealing to a broader market. You can benefit by using the 'Price Guide or Price Range’ method because it: • Significantly raises the profile of your home through a carefully targeted, intensive advertising campaign. • Encourages purchasers to make their highest and best offer. • Creates a similar amount of competition for the property as an auction campaign, yet removes the perceived stress that is often associated with auctions. • Ensures that each interested party is given the same opportunity to register their interest. • Provides a more appealing alternative to buyers, as they don't feel they have to compete in public at an auction.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au DRAFT MARKETING COSTS
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 4. PREPARATION & CURRENT PRESENTATION IMPORTANCE OF PROFESSIONAL PHOTOGRAHY With today’s busy lifestyle, the buyers will look to eliminate rather than include when they are searching for property. If the photos don’t look attractive, there is no floor plan, price guide, and ease of inspecting the property they will often just move on to the next property. If we are not properly prepared we could easily miss out on the best buyer for your home.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au STYLING & FURNITURE HIRE QUOTE Having them picture themselves living there, will very often tip a buyer over the line. It’s about showing them how they, family & friends can comfortably live & enjoy the spaces with “real” furniture. In short, marketing is about psychology, and if a home & your end sale result will benefit from a few little extras, we always recommend exploring the option with this professional advice.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 5. PROFILE OF TARGET & CURRENT MARKET CURRENT Demand levels for local property are at an all-time high with purchaser demand presently outstripping the available supply. Last year’s Sydney Metro Auction clearance rate was 52%, this year in 2022 it has increased to an average of 74% (YTD) with the April clearance rate being 82%. April 2022 had the strongest clearance we have seen since April 2022. The average number of registered bidders has also increased from 3.4 in March to 4.6 in April. We believe that low interest rates and a shortage of stock will see both the clearance rate and the number of registered bidders continue to increase. We ourselves are presently running at a 98% clearance rate with an average selling time of only 29 days, 90% of all Auction properties being sold on or before Auction date, remainder sold within 7 days of advertised Auction date. Our team’s average ‘private treaty’ days on market is only 23 days. TARGET We all know we can’t sell a secret. We have to promote the property to attract as many people to it as possible. The more interest we have, the more potential we have in achieving a higher price for the property. If we can generate enough interest and have buyers competing for the property, this is the ultimate outcome. Due to recent government legislation changes, our local market specifically has received an enormous influx of buyers from the Asian buyer market place, expanding our buyer market significantly, with a recorded increase of prices at what is commonly agreed to be in the vicinity of 3-5% only in the last 2 quarters. Marketing is not just about advertising, it is about transference of feelings. It’s about getting people emotionally involved with the property before they even come to view it. There are various forms of media advertising results & our exclusively recorded response rates per enquiry in our local market. Internet 58% Signboard 6% Database 14% Media 21% Window Display 1%
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 6. INTERNATIONAL & ASIAN MARKETS Property buyers from Greater China spent over $31.9 billion on Australian Property in the 2022 financial year* and this is expected to grow in the next five years. We have extensive ties within the Chinese and Korean markets both locally and internationally and are extremely well positioned to take advantage of foreign and non-English speaking buyers who may be interested in your property. We are perfectly positioned to ensure no opportunity is missed where language or cultural differences may otherwise prevail. We can also assist buyers with our extensive referral network of Chinese and Korean speaking lenders, solicitors and other advisors. Additionally, we have speakers fluent in Mandarin, Cantonese, Korean, Italian and Greek all within our team As part of our overseas marketing initiatives your property will be listed on two of China’s most popular web portals for Australian property www.gifang.com and www.myfun.com at no additional cost to you. These placements are further syndicated to www.squarefoot.com.hk , www.fang.com and www.ausproperty.cn which attract over 30 million visitors per month. No other agency is as well positioned to ensure that your property obtains the most exposure to the Asian markets and is equipped to handle the enquiry. * Foreign Investment Review Board, Annual Report 2022 Chinese 我们有中国人和韩国人的中介，这样可以帮助到不会说英语的买家，因为语言和文化的差异在买房沟通的 过程中是很重要的。同时我们还有强大的合作网络，为中国的买家提供买房过程中法律，贷款，意见咨询 等方面的帮助。另外，我们的员工会说流行的中文普通话，广东话，韩语，意大利语，西班牙语和希腊语 Korean 저 부동산에는 비영어권 국가에서 오신 부동산 구매를 원시는 고객들과의 원 소과 문적차이를 잘 이고 최선의 도움을 드릴수 있도록 구매자들을 위 중국인과 국인 에이젼들이 시 근무고 있습니다. 또 부동산 구매에 요 다른 중요 사들, 예를들어 변사선임 이나 은융자상담에 관 일 또 도와드릴수 있도록 많은 중국인/국인 변사와 lender들과의 넓은 네워를 구축고 있습니다. 유창 만다린, 캔니스, 국어, 스인어, 이리어, 그리스어 등을 사용는 에이전들이 언어의 불없이 원 부동산 구매를 수있도록 도와드리겠습니다.
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 7. WHY MCGRATH ESTATE AGENTS COMBINED SELLING EFFORTS OF 13 SALES AGENTS TEAMS, MEANING MORE EXPOSURE, MORE BUYERS, MORE COMPETITION Most Comprehensive Internet Exposure: Largest Most Impressive Local Signboards:
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au Little Extras: Unique 2, 4 & 6 Page Brochures:
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au EXCLUSIVE to “MCGRATH ESTATE AGENTS” on www.domain.com.au EXCLUSIVE to “MCGRATH ESTATE AGENTS” on www.realestate.com.au
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au McGrath advantage over all other local agents! Our sales performance in local offerings reflect near double the amount of sold properties to our nearest competitor. What does that mean for you? … We have the largest quantity of buyers in our database, regularly communicating with us as a result of our sales, and ready to consider our next upcoming offering! Prospecting Performance: Listing Performance: (Source: REA)
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 8. PERFORMANCE & RECENT RESULTS PROPERTY ADDRESS SALE PRICE 1/27 Kulgoa Avenue $1,681,000 1 Ruse Street $1,755,000 3/2 Simla Road $880,231 308E/41 Belmore Street $705,000 68/1-15 Fontenoy Road $773,000 3 Gladstone Avenue $4,470,000 4 Weaver Street $3,244,000 27/72-78 Constitution Road $855,000 2/76 Quarry Road $1,150,000 901B/5 Pope Street $908,000 1/9 Mockridge Avenue $745,000 712/4 Devlin Street $530,000 4/523 Victoria Road $550,000 23/20 Herbert Street $800,000 2/1 Kandy Avenue $675,000 14 Donelly Street $3,896,000 1/7 Curzon Street $470,000 8/10 Gaza Road $628,000 2C Russell Street $2,270,000 1/7 Isabel Street $660,000 6/35 Pearson Street $430,000 6 Prince Edward Street $2,340,000 611/70 River Road $700,000 105 Charles Street $3,400,000 4/64 Cressy Road $1,312,500 2 Colebee Street $2,415,000 2B Russell Street $2,170,000 104 Buffalo Road $2,425,000 12/22 Price Street $580,000 4 Wade Street $3,420,000 19 Farm Street $2,650,000 2 Colston Street $2,322,000
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 9/14 Meriton Street $763,000 37 Constitution Road $1,725,000 388 Great North Road $4,200,000 36 Acacia Avenue $3,150,000 20 Weaver Street $3,730,000 43 Hughes Avenue $2,088,000 2 Prince Edward $1,700,000 9/24 Cressy Road $1,480,000 3/64A Brush Farm $1,275,000 70 Mons Avenue $2,225,000 4/17 Dick Street $660,000 606B/5 Pope Street $605,000 10 See Street $2,710,000 1A Atkins Road $1,750,000 10 Trumper Street $1,635,000 A703/2 Saunders Close $840,000 4/24 Cressy Road $1,250,000 6 Allars Street $1,505,000 3 Mitchell Street $2,780,000 15A Bright Street $2,430,000 5/8-10 Lane Cove Road $555,888 8/6 Maxim Street $610,000 8 Fisher Avenue $2,810,000 2/10 Harvard Street $445,000 3/35 Pearson Street $440,000 1 Stanbury Street $3,650,000 4/4 Orr Street $865,000 1 Inkerman Road $2,380,000 7/17 Wharf Road $830,500 1/4-6 Harvard Road $760,000 193 Buffalo Road $1,490,000 4/69 Charles Street $1,290,000 2/259 Blaxland Road $415,000 2/23 Meriton Street $485,000 51/512 Victoria Road $1,100,000 7/14 Union Street $575,000
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 21 Morrison Road $3,350,000 8 See Street $2,360,000 1/70 Phillip Road $1,361,000 19/38 Meaow Crescent $650,000 12/209 Waterloo Road $681,000 4/22 Arnold Street $1,600,000 7033/2 Porter Street $580,000 3 Miriam Road $2,100,000 35 Warner Street $4,735,000 38 Hillcrest Avenue $3,570,000 2/9 Edward Street $448,000 7/45 Meadow Crescent $410,000 48A Clayton Street $2,350,000 22/512 Victoria Road $1,180,000 51 Acacia Avenue $2,410,000 18/10 Edward Street $498,000 44 Darvall Road $2,930,000 207/8 Wharf Road $455,000 4 Phillip Road $3,225,000 2/64 Denistone Road $1,300,000 123 Charles Street $3,500,000 83 Llewellyn Street $6,200,000 3/10 Ross Street $900,000 3/9 Edward Street $450,000 12/101 Constitution Road $570,000 12 Cressy Road $1,565,000 26 Dick Street $3,010,000 20 Griffiths Avenue $1,800,000 41/512 Victoria Road $1,030,000 502E/7 Lardelli Drive $1,430,000 10 Wade Street $4,002,000 29B Michael Street $2,130,000 65 Western Crescent $2,600,000 43/512 Victoria Road $950,000 4/30 Bay Road $1,603,000 6/8 Punt Road $520,000
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 16 Lyndhurst Street $2,125,000 62 Douglas Street $4,766,000 99 Kirby Street $1,665,000 17 Boulton Street $2,657,000 287 Morrison Road $2,600,000 1/64 Denistone Road $2,181,000 47 Bennett Street $1,700,000 8 Winston Street $1,745,000 17/21 Pearson Street $2,630,000 69 Lancaster Avenue $685,000 15 Blamey Street $2,200,000 156 Victoria Road $1,815,000 9/6 Mortimer Lewis Drive $2,080,000 175/298 Sussex Street $1,600,000 194 Princes Street $555,000 305/734 Victoria Road $3,525,000 6 Numa Road $1,150,000 36 Westminster Road $1,900,000 22 Bennelong Way $2,300,000 1A Orient Street $2,751,000 24/512 Victoria Road $2,700,000 72 Prince Edward Street $1,035,000 30 Richard Johnson Crescent $2,410,000 11/4 Pearson Street $1,770,000 69 Waterview Street $608,500 2 Kirby Street $3,982,000 9 Lancaster Avenue $1,642,000 50 Greene Avenue $1,900,000 3 Saunders Road $2,350,000 7/15A Cambridge Street $1,650,000 83A Champion Road $665,000 7 Hopetoun Avenue $3,408,000 20 McGowan Street $6,100,000 1082 Victoria Road $1,100,000 46 Osborne Street $2,000,000 104 Lovell Road $2,850,000
3 Shackel Avenue, Gladesville 0418 220 882 [email protected] www.mcgrath.com.au 9. RELEVANT & MISC NOTES • Our company is closely affiliated with all trades that may assist in the preparation of a property prior to marketing & the very first buyer inspections, and therefore welcome any assistance you can offer in this regard. • This being said & upon review of the homes current condition, and any request you may have to do so, we can recommend a professional cleaning service, painter, handyman, or property stylist to offer a visit & quote. We would assist in fast & efficient quotations, & the supervision of completed work within a very short period to assist on all front. • We would be pleased to offer you a FREE “Styling & Furnishing” consultation, 10. SELLING FEES Once upon a time, the rate of commission payable when selling a property was set by legislation. Nowadays, however, an agent's commission is set on a property-by-property basis through a process of negotiation between the owner and the agent. There are several ways this can be structured, including: a. A single percentage rate. b. A combination of percentage rates, where a higher percentage is offered for a result above a set figure. AGREED MARKETING FEE FOR SERVICE: Combining both my recommendations & your preferences (as per page 13 & 14 of this report), the proposed tailored advertising campaign will be T.B.C AGREED FEE FOR SERVICE: I would be pleased to offer you a referral rate of T.B.C. Once again, it was a pleasure to meet you and we look forward to representing you in the sale of your property. If you have any further questions, please do not hesitate to contact us at any stage. Yours Sincerely, Robert Bagala