How they sold – Red and Co sales success in Annerley, Brisbane

How is it that 2 different Real Estate Agents can sell 2 near identical properties right next to each other for different prices?

In June 2017, Red & Co’s Anthony Oddo took to market number 23 Rigby St Annerley, which later sold in July for $630,000. Almost exactly 1 year later in June 2018, Ray White Annerley listed the property next door at number 21 Rigby St which later sold for $620,000. There are a few interesting points to note about the respective properties and sales.

The houses

Both no. 21 and no. 23 Rigby St were built at the same time during the 1980s on classic Brisbane 405sqm blocks of single level brick construction.

No. 21 Rigby St featured 3 bedrooms, 1 bathroom and 2 uncovered off street parking spaces. Interestingly, this property had been renovated to modern taste standards with rendered brick, glazed timber windows and doors and contemporary floor coverings. Ray White Annerley marketed this property for approximately 3 weeks before taking it to Auction and selling for $620,000 after 25 days on the market.

No. 23 Rigby St featured 3 bedrooms, 1 bathroom and 1 garage space. The property was in very neat and clean original 1980s condition, leaving potential buyers with plenty of scope to renovate, update and add their own personal finishes to an otherwise solid property. Red & Co marketed this property with a realistic market price from day 1, and within 24 days had it sold.

Analysis of the sale

In this case, the numbers don’t lie. Red & Co achieved a better sale price for No. 23 than the other agent did for number 21 even after a year of price growth. The Brisbane house market grew in value by approximately 3% over the period between the sales which would have valued No. 21 at approximately $650,000 using No. 23’s 2017 sale price as a base. Not to mention No. 21 was renovated so we thought it might have sold for a higher price and attracted a larger pool of buyers.

The most likely cause of this price differential comes down to the method of sale. No. 21 was marketed via Auction whereas No. 23 was not. The auction sales method may have meant that more detailed negotiations on price were forfeited in favour of achieving a clean unconditional sale on the day. Some buyers also find auctions daunting, particularly at this price point where first home buyers feature in the market, so that may have reduced the pool of potential buyers. Red & Co.’s strategy of open negotiation on price proved to be the more successful method in selling this particular type of property.

If you want to speak to an agent that will tailor the marketing campaign of your property to achieve the best result, get in touch with Anthony Oddo on 0430 028 254 or [email protected]. Anthony will be able to tell you what your property will sell for and the best way to do it.