On 28 July 2018, Tower Property Advisory (Tower) concluded the sale of their client’s property - located in a sought-after golf course themed estate at 43 Greenways Drive Glen Waverley - with an outstanding auction result.

With the client’s reserve set at $1,300,000 and initial reluctance among the 45 attendees at auction, a vendor’s bid of $1,100,000 needed to be placed by the auctioneer to kick off proceedings. From there on, frenzied competition from six bidders ensued, and after a remarkable 191 individual bids, the price was driven all the way to $1,551,000. In golfing terms, the result could only be described as an ‘ace’!

The property comprised a modest, 50-year old, single storey, orange brick home with three bedrooms and one bathroom. It was home to the client prior to their recent transition into an Aged Care unit in Bundoora, and it needed to be sold to cover the Home’s Refundable Accommodation Deposit (RAD).

“To say that the client was ecstatic would be an understatement”, says Phil Hoopmann, Senior Property Manager with Tower. “With the assistance of Tower, the RAD was covered, along with a cool $251,000 windfall to bring financial peace of mind to the client and her family”.

Left largely as it was at the time of the client’s transition, the home was bulging with all her furniture and effects, representing a life-time of fond family memories.

After family members removed the remaining few items that the client wished to keep, Tower arranged for the sale, donation and disposal of all that was left.

Situated on a 725m2 allotment, the property was always going to be of interest to developers and owner-builders. But to ensure that the owner-occupier and rental investment market was not ignored, Tower undertook a cost-effective clean-up and garden makeover, as well as staging of the interior, to highlight it’s potential for accommodation.

“The strategy worked, as competition at auction was fierce”, said Phil. “A developer won out in the end, driven toward their goal of securing the property by an agency and auctioneer known by Tower and recommended to the client as among the best Melbourne has to offer”.