Classic Ensuite - But Not For Us
A nice ensuite can hide an expensive problem.
This was a reasonably well-presented property with a newer, classically styled ensuite. Most buyers would probably see the renovation and assume it added value.
We didn’t. We knew the market, and we spotted something in that ensuite that most buyers would have missed.
The property was listed just before the 2026 Budget announcement, with an asking range of $1.3 million to $1.45 million. In an ordinary week, it may well have sold. But the timing was poor, and the market was already shifting.
The agent insisted that $1.4 million was a reasonable price.
We disagreed. We had our pulse on the property market and we replied, a nearby property in better condition had recently sold for around $1.2 million. More importantly, the property she was selling had a significant water-leak issue in the ensuite.
Our assessment? It was approximately $300,000 overpriced — more than 20%. Yes, $300,000 too much.
The ensuite had a significant leak. The floor was wet, but the bigger clue, and something many buyers would not have noticed, was the calcified water staining between the tiles, suggesting the problem was not new, and had been leaking for a long time. We walked away.
The property remained on the market for another two months before the asking price was reduced by a rather “magical” $300,000.
Sometimes, the best property decision you make is the one you don’t buy.