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An agent has sold a property for more than double the suburb’s median price thanks to a campaign that excluded punters in favour of high-calibre buyers.
Michael Smith from Hockingstuart Caroline Springs in Victoria sold the 211 square metre home in Caroline Springs for $1.1 million, giving him the suburb’s number two result behind a 1,110 square-metre property that sold for $1.19 million.
Mr Smith told Real Estate Business the key was attracting million-dollar buyers to a suburb that typically wouldn’t register on their radar.
Caroline Springs is a 16-year-old development 25 kilometres west of Melbourne’s CBD. It has a median house price of $456,000, according to CoreLogic RP Data.
Mr Smith said he was able to create an air of exclusivity about the home by combining stunning photography with a “by appointment only” campaign.
“I was quite confident I would attract people with over $1 million,” he said.
“It meant I could qualify people that came in, because you’re probably looking at a buyer market over $1 million of maybe 2 per cent in this area.”
Mr Smith said he took 12 groups through the property rather than the several dozen that probably would have visited during an open home.
That meant he didn’t have to waste time communicating with casual buyers and responding to lowball offers.
Mr Smith said the property had received a bank valuation of $875,000 in September, but he was confident it would attract a million-dollar price because of its lakeside views and because the vendors had fitted the house with high-quality appliances and furnishings.
“I generally do styling with homes, but the only thing I had to do with this property was move the flowers on the kitchen bench. They’ve got serious taste.”
Mr Smith told Real Estate Business he won the listing after working with the vendors in 2012 to sell their previous home, which was also in Caroline Springs.
He has also helped the vendors secure their next residence in transacting a deal for a $940,000 property in South Melbourne.
[Related: Would sir like a house with that champagne?]
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