One agent has smashed a suburb record by 80 per cent after finally selling to a client he’s tracked for more than a decade.
Tony Doh from Hockingstuart Glen Iris, in partnership with colleague Steve Burke, sold a 2,750 square metre estate in the Melbourne suburb of Ashburton for $5.8 million.
The property includes six bedrooms, five bathrooms, a heated indoor pool and a tennis court. The previous Ashburton record sale of $3.21 million occurred in the same street in 2011.
Mr Doh told Real Estate Business that he marketed the property through the usual print and online channels, while also proactively contacting this client and others on his database.
Mr Doh met the client more than 10 years ago at an open home in the neighbouring suburb of Malvern East – and has maintained contact since through calls, newsletters and mail-outs.
“I’ve had them look at properties that I was looking to sell, but they hadn’t purchased nor had I sold for them previously,” Mr Doh said.
“When this property came to their knowledge it was the ideal home for them from a lifestyle point of view. They liked the location very much as well, so it ticked all the boxes for them.”
Mr Doh said the vendor asked him and Mr Burke to explore the market for offers above $5 million.
They expected the home to sell for $5-6 million, but it was hard to be sure because there hadn’t been any comparable sales in the suburb.
“When we marketed the property, we had 60-plus groups inspect the property,” Mr Doh said.
“We had expressions of interest, offers, then we could see where everything started to shape up in terms of price.”
Mr Doh said the previous Ashburton record, which he also handled, was essentially a land transaction as the building was demolished to make way for eight town houses.
He has worked in Ashburton for 14 years and said the suburb is becoming increasingly popular with younger buyers.
“A lot of them are adding value to properties that they purchase, whether they expand and renovate or build new houses.”
Ashburton’s median house price reached $1.16 million in February and has risen by 48.1 per cent over the past five years, according to CoreLogic RP Data.