Building, Renovating and Selling

Client Story – Project Build

Grey Street, East Melbourne

The Brief

Client purchased the property to renovate and sell for profit, looking for substantial growth on initial investment.

The Strategy

Synergy were actively involved in property from initial stages, attending town planning meetings and advising to ensure that the end result would be well received by the buying market.

Upon renovation completion, Synergy liaised with the owners regarding a selling strategy, including agent selection, property presentation, pricing, advertising and auction day plan.

The Execution

Synergy organised the presentation of the property, managing quotes and tradespeople.

Advertising campaign suggested by agents ranged from $18,000 to $28,000 with a campaign of $20,500 being finalised as the best advertising strategy for the property.

Appraised at $2,500,000 - $2,800,000 by two different agents, advertised at $2,250,000 plus that was lifted to $2,500,000 plus prior to auction due to significant interest.

Editorial coverage achieved in The Age and Melbourne Weekly on top of advertising strategy.

The Result

Over 150 people attended the auction. Three separate parities bid at the auction. SOLD under the hammer for $2,830,000.

To read more stories on renovating prior to sale, click here