The Client

A young couple with a new born baby who were renting an apartment filled with mould and keen to get out as soon as possible. They were in the throws of parental leave, starting day care and transitioning back to work. Fair to say, they had a lot going on without needing to add in house hunting.

What was most important to the client

Location; they had a small area where they really wanted to be (between Paddington and Woollahra). Mainly due to proximity to family and limiting the commute time for work.
Really great natural light and privacy so that when they were home, they could relax and enjoy the space
Great walkability including with a pram
A small sized strata complex
A parking space that could fit a car and a motorbike was the dream!

The Search

This was a quick one! We kicked off the search just two weeks out from Christmas. I’d told them it was unlikely we would find the right property that quickly, but I would do everything possible to get ahead of all the listings due to hit the market in late January/ early February.

I knew the agents I needed to call who focused in that area. I reached out to 75 agents, and all I needed was one to have what I was looking for. BINGO!

The Current Market

The median price for a two-bedroom apartment in Bondi is currently $1,420,000. These typical apartments are generally around 80 sqm, with one bathroom, maybe a parking spot, maybe a balcony, often in liveable but average condition. For example, check out a similar property here.

The Property

The apartment I inspected was in fair condition but had some great features that set it apart:

2 bedrooms, 2 bathrooms
A spacious east-facing balcony, flooded with natural light (thanks to windows on three sides of the apartment—north, east, and south)
An oversized lock-up garage that easily fits both a car and a motorbike
A generous 105 sqm layout, with the balcony overlooking a quiet cul-de-sac, offering peaceful, tree-lined privacy.
A small strata of only 15 units.

My clients understood the benefits of buying a property where you can change the things you don’t like e.g. how modern it is!

The Kicker

The owner had already paid for repainting, new carpeting, and a handyman to address a few minor repairs. The property was set to be listed for sale in early February, with plans for settlement in March. But the property hadn’t been advertised yet, and we were the only buyers to have seen it. If my clients were navigating the market on their own, they likely wouldn’t have come across this opportunity.

With Christmas approaching, we seized the moment and offered the owner a deal to remove the uncertainty around whether the property would sell, when, and for what price. In exchange for this certainty, we agreed to buy the property as-is, including the renovations that were already prepaid (the painting and carpeting). We had a specific clause put into the contract requiring the prepaid works to be completed as a protection.

Photos below are from when I inspected it, before the new painting and carpet were installed.

The Negotiation

After some tough negotiation, we were able to secure the apartment $150,000 under the median price for a two-bedroom unit in Bondi. Sure, it needs a new kitchen, but that’s a relatively low cost (about $20,000) for a property that already offers so much more than a typical Bondi apartment: a second bathroom, an oversized garage, and abundant natural light.

Learnings

This was such an incredible outcome, and it’s one I’m particularly proud of. Most buyer’s agents log off by mid-December and start their holidays, but for the third year in a row, I’ve managed to secure an amazing deal in the days leading up to Christmas.

The Dream Bondi Pad Purchased $150K Below Median Price