Was it overpriced? I think it was underpriced. It sold for $600,000 more than the owner was prepared to sell for.
What did you think it would go for? $6.5 million. But obviously, the market thought differently.
What was surprising about it?
The pandemic has created an environment where [the use of] technology has accelerated. We’ve had a need to do it a different way. We’re doing Zoom auctions. They’re fantastic.
How did the sale play out?
We had a guide on this of $6.5 million. A buyer said he’d pay $6.5 million. Another buyer said he’d also pay $6.5 million. We organised the next day to do a Zoom private auction.
The seller was in Asia, the seller’s representative was in another country in Asia; one buyer was on the north shore and the other was in the CBD. They could all see each other.
How would you have done this sale pre-pandemic?
It was very, very antiquated in comparison to this. It would have been a lot more driving around – pick it up from here, drive there, pick up this contract, take it to the owner’s solicitors – now you don’t have to do any of that. It’s all done in the lounge room. It’s so much easier. You just sign it and it’s done. We did the auction around 1pm. We had it pretty much done within 45 minutes of the auction.
Do you reckon we’ll see another result like this: a) next week b) next year c) next cycle d) never?
We’ll see it happen tomorrow. I sold four in the last week.