Buyer pays record price without seeing home
A Sydney buyer has paid a record price for a humble Arrawarra Headland home without ever having stepped foot inside.
Tom Sullivan from NSW Real Estate sold the five-bedroom home at 16 First Avenue under the hammer for $1.625 million on Saturday.
The previous residential record for Arrawarra Headland was $1.36 million.
Mr Sullivan said there was a strong bidding war for the home with the beach at its back door.
"It was the first time this original 1960's property has been offered to the market and is quite unique in its location, which helped it to receive a huge amount of attention, with bidders coming from as far as Sydney and Brisbane."
Of the 15 groups who registered for the auction, seven parties actively bid for the beachfront property.
NSW Real Estate's Grant Larsen conducted the auction, which only took nine minutes to reach the sale price.
"The opening bid of $1.2 million was one of 27 bids throughout the auction, and after 30 seconds the price had already hit $1.35 million," Mr Sullivan said.
"The bidding stalled at $1.56 million and the property was declared on the market before bidding resumed with a fierce battle between one local bidder and a Sydney purchaser who was bidding over the phone."
The eventual winner of the bids was the Sydney businessman who first enquired about the property on Wednesday and had a friend inspect it for him the day before the acution.
Mr Sullivan said the property was marketed via an extensive website campaign combined with print advertising in the Coffs Coast Advocate Property Guide, database and social media marketing.
"We put together a very targeted social media strategy which focussed on both local and interstate buyers in order to capture the out of area marketplace. Through this strategy we were able to put the property in front of 17,500 people on Facebook and Instagram, which resulted in over 5,000 property views online."
"I'm delighted to have been able to secure a great result for our clients, in what many are describing as a challenging marketplace," Mr Sullivan said.