Melbourne Buy - $500,000 UNDER Reserve Price

This purchase back in 2023 in inner City Melbourne suburb of Ashwood for a client is a powerful reminder of what can be achieved with the right market intelligence, right guidance and strategy. At Concierge Buyers Advocates, we make it our mission to negotiate the best price for every client. And in this case, we delivered a jaw-dropping $500,000 below the auction reserve! That’s half a million dollars saved, and it resulted in an astonishing 25 times return on investment (ROI) on the buyers advocacy fees paid by our client. Here’s how we turned a dream into reality.

This double-storey, modern $3million house had been on the market for about a month. It was passed in at auction, with a highest bid of $2,750,000. Falling short of the “close to $3 million” reserve. Naturally, it didn’t sell. We knew the vendor's situation from our research, and we knew it will soon become a distress sale.

It was relisted for $2,550,000 days later, we saw potential where others saw uncertainty. Together with our support team of legal, finance and client's mortgage broker, we devised an acquisition strategy. Weeks later, we strategised and negotiated a further $100,000 off the re-listed price for our first home buyer.

Here the breakdown of this incredible win for our client:

• Auction highest bid: $$2,750,000

• Auction reserve: "around $3,000,000"

• Relisted at: $2,550,000

• Bought for: $2,450,000 (exact price withheld at client's request)

When we first inspected the property, we knew it was perfect for our client, but our on-site inspection and appraisal showed the asking price was too high. We let the sales agent know we are buyers advocates for our client, who might be interested. We organized inspections, conducted due diligence, and attended the auction, but we knew the bids were too high to make sense. Not bidding and walking away at the auction wasn’t easy, but it was the right call.

This property was passed in (as expected) at the auction and relisted a week later. We seized the moment. We put together a smart offer and entered into extended negotiations. Our persistence paid off, and concluded with us buying this property for $2.45M. Whichever way you look at it, it was a massive saving:

• $500,000 less than the auction reserve price of "almost $3million" (as revealed by the agent subsequently); or

• $300,000 cheaper than the highest auction bid; or

• $100,000 savings from the post-auction list price.

This is why knowing your strategy and when to walk away and mastering the art of auction and post-auction negotiations can lead to life-changing results. If we had pursued the auction route, our client could have easily paid well over $3 million. Instead, we helped them achieve their dream for much less.

The Importance of Knowing Property Value

Success in property buying doesn’t just come from luck—it comes from understanding the true value of a property. Accurate property valuation requires a deep knowledge of the local market, the potential of the home, and expert insights that go beyond automated systems and algorithms.

Our property appraisal service (included in our complete buying package and valued at $165 per property) gives buyers the confidence to make informed decisions. We are so confident in our expertise that we offer a 30-day money-back guarantee. If the property sells for more than 15% different from our assessment, we’ll refund your appraisal fee in full.

Congratulations to our excited first home buyer couple.

At Concierge Buyers Advocates, we turn possibilities into realities. We help you secure the best price, negotiate with confidence, and make sound investments that set you up for long-term success. Let us help you make your property dreams come true.

If you need help purchasing your home or investment property, get in touch with our office here.

* location and photos anonymised at the request of our client.