The $8000 Reno adds $300,000 to the selling price of the Sydney unit

Is it too expensive? We can’t believe it’s too expensive. We think it’s priced in the upper range of the market.

What do you think it will go for? We thought when we first got our hands on the property it could have been over $2 million at different times. We thought $1.9 million would be a very good price. The reserve price is about $1.89 million.

What’s surprising about that?

When we take [the listing] it is a two bedroom apartment. We’ve been around the lower north coast for years. There are many one-bed, two-bedroom apartments. They are very common. Three bedrooms is not much to begin with. We noticed the gap.

Apartment vendors created a third bedroom by closing the formal dining area, which was originally a separate bedroom.

We advised them to convert it to three beds which was the original plan. Someone who used to live there turned it into two bedrooms and used the third as a formal dining room.

It definitely changes the whole pricing structure. If it’s two bedrooms, you might be looking for around $1.5 million as a guide price. After we turned it into three beds the price guide really changed. We started guiding to $1.8 million.

Because we’re targeting people who are downsizing – people who can afford it are people like that – they still want to have space and space.

With three bedrooms, we aim for downsizers and young families with children. But interestingly, we don’t have that many families, which we think is because of the market. We only have one family to go through.

Too expensive for families: But offering three bedrooms attracts streamlining, who want harbor views, but also extra space for guests such as visiting grandchildren. Matt Craig

The reason at launch is that while people are waiting, they don’t take action. They think the market can go down again, they think interest rates can go up. There’s a lot of watch-and-see.

The people we brought with us, as soon as we launched the campaign, were people who had large properties in Bayview on the North Shore or even locals in Mosman, who were considering downsizing.

If there are only two bedrooms and they leave a six-bedroom house, it is difficult for them to adapt.

Is it unusual to renovate such an apartment for sale?

It’s very complicated. You can’t do it if it’s not in the original plan.

We note the original plan was three bedrooms. Based on that we can return it back to how it was. If it’s not originally three bedrooms, you can’t. You must enter it through the board for approval.

How much does the renovation cost?

Not many. All they did was put the gyprock on the side of the wall facing the living room and put the door up. It turns it into a space that works differently. All in all it was around $8000.

For people who are downsizing, most of the time it’s their grandchildren staying over – they don’t need a huge space. This is no small study. This may be a double sized room.

How hard would it be if you had to go through the board to do renovations?

It might take some time. If the owner agrees to do that, we will. But if they say no, I want to sell it now, then we will look for a different strategy.

Do you think we will see another result like this: a) next week b) next year c) next cycle d) never?

In two months. We have signed a list of Neutral Bay townhouses that we have managed for 20 consecutive years out of 15 townhouses. It’s probably about $1.3 million, $1.4 million, but we’re going to renovate it. We’re going to turn it into something pretty good. We’ll be looking for about $2 million.

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