Securing a Darlinghurst Apartment $100K Under Budget
I wanted to share a recent success story that shows just how powerful a clear strategy can be at auction.
The Situation
My clients, a couple living outside of Sydney, already owned an apartment in the inner city, which their child was living in while studying. They travel to Sydney often, and staying in a small apartment as a family was becoming uncomfortable.
When a renovated one-bedroom apartment came up for sale just around the corner, they saw the perfect opportunity—and asked me to represent them at auction since they couldn't attend.
The Property
The apartment was:
A strata title (important in Darlinghurst where ~30% of older buildings are Company Title, which impacts bank lending and sale value).
45sqm internally — another key factor, as properties under 40sqm are harder to finance and tend to sell for less.
In an older block, but recently repainted with no major works forecast, indicating a financially solid and well-managed strata scheme.
The Valuation & Strategy
The agent had initially guided $750,000 and had received a pre-auction offer of $805,000—but decided to go to auction.
After researching comparable strata title sales and excluding smaller or company title units, I placed fair market value between $820,000 and $880,000.
We knew there would be 4–5 registered bidders, including the $805K offer-maker, so our strategy was to:
Signal value but not overconfidence.
Read and react to the emotional and financial limits of the other bidders.
Step in late to control the tempo and reduce competition.
The Auction - 5 registered bidders
Bidding opened at $760,000. Two bidders slowly pushed it up to $800,000. I stepped in at $802,000—carefully watching the other bidders’ reactions.
Bidder 1, an owner occupier, visibly signaled he was nearing his limit at $800,000.
Bidder 2, an investor, crept up in small increments to $815,000. I countered at $817,000, and she firmly bowed out.
Bidder 3, another investor, made one last attempt at $818,00 - I responded swiftly and confidently with $820,000.
Sold!
The Outcome
We secured the property at $820,000, despite being prepared to go significantly higher.
Saving up to $100,000—not because others weren’t willing to spend, but because we used strategy to get them to stop bidding sooner.
Why It Matters
People often ask: “Why pay for auction representation?”
Here’s your answer.
If someone has more to spend than you, no tactic can stop them. But when the competition is unsure, emotionally fatigued, or price-sensitive—as they often are—a smart strategy can save tens of thousands.
