How We Secured an Oversized Lewisham Apartment Pre-Market, Well Under Budget

A time-poor couple wanted a two-bedroom apartment near the inner west train line with a budget of up to $1.5 million. In three weeks we secured an oversized 110 sqm Lewisham apartment pre-market, with no competition, for just over $1 million.

The Clients

This couple came to me incredibly time poor. They travelled a lot for work and had regular commitments outside office hours, which made getting to open homes, evaluating properties and moving promptly on the right one a real struggle. They were living with family and saving well, so they were ready to buy. They just did not have the time to commit to the process.

The Brief

They were looking for an apartment they could live in for the next five years and potentially start a family in, with a view to turning it into an investment property when they upsized down the track. They wanted to be around Summer Hill, Petersham, Lewisham and Dulwich Hill, within a 10 to 15 minute walk of the train line so their commute to the city was no more than an hour. They were also keen to avoid flight and traffic noise.

They wanted an older style block. They had heard horror stories about new builds, but they also understood that with older buildings you need to be confident the block has been well maintained. Their wish list was:

•       A really good sized two-bedroom apartment with one bathroom and one parking spot

•       Great natural light and a sunny balcony or courtyard

•       A good sized kitchen and living space, because they love cooking and entertaining

•       Space to work from home as a bonus

•       Totally move-in ready, with no renovations required

•       A small strata block of no more than 20 lots

We were working on a budget of $1 million to $1.5 million, but what mattered to them was finding the right property, not spending their maximum. They knew that the less they spent now, the smaller the mortgage they would carry, the more they could pay down, and the better positioned they would be for the next step. That is something every first home buyer should think about: not just the property you are buying now, but what you want to buy in the future.

The Search

Our search uncovered 38 off-market properties matching their two-bedroom, one-bathroom, one-car brief across Summer Hill, Marrickville, Lewisham, Petersham, Ashfield and Stanmore. That gave us some genuinely good options, and we seriously pursued one of them.

The whole search took just three weeks.

The Property

I found them an oversized two-bedroom apartment in Lewisham that was north-east facing, completely liveable and had been nicely renovated a few years earlier. It ticked every box on their list, at the bottom end of their budget:

•       110 sqm, which is significant for a two-bedroom apartment

•       Beautiful floorboards throughout

•       A renovated kitchen, around 10 years old but very neat and tidy

•       An original style bathroom that had been freshened up with new paint and a new vanity. It had not had a full renovation, but it was very liveable

•       A covered car space, fully enclosed and off the street, perfect for keeping their belongings dry

One of the best things about this apartment was the strata. A year earlier, this small complex had finished a balcony remediation project. Every balcony in the building had been re-waterproofed and new balustrades installed. Anyone looking at an apartment in an older style building should have this on their radar, because that work eventually needs to be done. For these buyers, it was already complete and fully paid for, which gave us real confidence we were buying into a well-run strata.

How We Secured It

We purchased from a couple who had signed up a sales agent but were themselves looking to buy. They were not prepared to put their property on the market until they had bought, so it never hit the portals.

I took my clients through, and during that time the owners found something they really wanted. We got all our due diligence done and put ourselves in a position to make an unconditional offer. That gave the owners certainty. They could go and make an offer on their purchase knowing our offer was there for them to accept. Their offer was accepted, and as a result, they sold to us.

We bought this apartment without any competition from anyone else. That is where pre-market access really works in your favour.

The Outcome

With a budget of $1 million to $1.5 million, we purchased at the very low end, just over the $1 million mark. A fantastic outcome.

They could have spent $1.5 million on something bigger, but this property ticked all their boxes at significantly under that price. The smaller mortgage they are taking on now sets them up far better for their next purchase. The right property at the right price does not just solve today. It sets up tomorrow.