11 BAINTON
CRESCENT

Steve Lowe here from Agent Team Real Estate, and today I wanted to share the successful sale of a beautiful home in Melba, perched on the side of Mt Rogers Reserve with breathtaking views across Canberra. 11 Bainton Crescent was a spacious six-bedroom, three-bathroom family home featuring the classic split-level design that many buyers love, with the garage and studio located underneath and the main living areas positioned above to take advantage of the outlook. The kitchen had been tastefully renovated, while other areas of the home had received updates over the years, including flooring and improvements to the bathrooms.

By our high standards, this was actually a tricky sale. We launched the property in April, and shortly afterwards, a number of events created uncertainty in the market. We saw conflict in the Middle East escalate, we saw diesel hit $3.30 a liter, and the Reserve Bank started increasing interest rates, not to mention the federal budget.

Overnight, buyer confidence dropped and the pool of active buyers became much, much smaller. At the time, we received interest from buyers that many of the offers coming forward were around the $1.2 to $1.3 million range, buyers looking for an opportunity in the buyer's market. Who can blame them?

We encouraged our owners not to rush into a decision because we believed market conditions would improve and that the property was worth waiting for. A few weeks later, in mid to late May, things started to change. The numbers increased significantly and several groups started attending each open home.

Three serious buyers then started competing for the property. After careful negotiations, we secured a final sale price of $???,???. That's more than $200,000 more than the buyers were making offers prior.

Now, this sale is a great reminder that timing, strategy and patience can make a huge difference to the final result. Not every buyer was suited to this particular home. One had a higher level of renovation, others wanted flatter blocks or a different landscaping plan.

We've now met buyers in your area with budgets of $1.1 to $2 million looking to purchase in Melba and the surrounding area. So if you're considering selling, speak to me first. I'll give you an honest understanding of the current market, where your property sits and what it's likely worth in today's conditions.