Following the sale of a landmark terrace in Sydney’s Paddington in six days for just under $9 million, LUXURY LIST WEEKEND spoke to BresicWhitney’s Maclay Longhurst who negotiated the transaction.

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“There’s no denying that listings are tighter than in previous years across Inner Sydney and this is certainly something that’s being reflected across the Eastern Suburbs."

"What has not changed however is the weight of buyers looking to get into the market, particularly in suburbs like Paddington where people tend to move into and want to stay."

"The weight of buyer interest is certainly there and with less listings available, we’re finding that they’re more willing to compete than in a market where they have more choice,” he said. 

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Mr. Longhurst named strong buyer work as a contributing factor to the success of the sale at 134 Glenmore Road, with the buyer having come directly from the existing BresicWhitney network and database. 

“We had a shortlist of qualified buyers for the home before we signed up the listing, thereby giving our vendor the confidence he was looking for in a market where decision-making isn’t always clear."

"This was of even more importance to him than it may be for others, given the property had previously been on the market with two other agents prior to selling with us.” 

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The property in question had five bedrooms, four and a half bathrooms, a swimming pool, outdoor entertaining and a dramatic six-metre-wide frontage.

Its north-to-rear setting had been designed to capture the natural light and had been tastefully restored and renovated to pay respect to its Victorian origins. 

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There’s a lesson in the sale worth sharing, Mr. Longhurst says, about the need to shift the narrative and the typical industry approach to buyer work.

“What I continue to learn, and what I think we can do a better job of as an industry, is to recognise that it’s no longer enough to approach your network with a mentality of doing ‘buyer work’." 

"This infers that working with, and on buyers, is like a task - something you have  to do and has an end date once a result is reached."

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"We know this isn’t accurate. The best relationships are those nurtured continuously, over many months and years." 

“My team and I think of it as ‘buyer intelligence’."

"This means first and foremost, approaching our network with an understanding of who that individual actually is."

"Yes, we’re working on behalf of the vendor, but we’re also there to help those buyers to their next step."

"We [agents] need to be genuinely enthusiastic and interested in learning about our buyers holistically, not just their price limit."

"What will their family or work situation look like in 12 months? What in life is most important to them? Where do they see themselves in five years?” he said. “These are all factors that will influence their buying or selling decisions in future, and you need to be across them, and stay across them as they grow and change.”

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Mr. Longhurst said it was this approach that builds trust and allows for open communication. “In this process we’re able to demonstrate value and lower the guard that buyers sometimes have up when dealing with agents. You’ll achieve better results for your owners when you have the trust and ability from both parties.”

In the last financial year, Maclay Longhurst and team have sold $300m of real estate in Paddington, including setting numerous street records.

“Paddington is one of those unique places that accommodates owners right across the lifecycle. First-time buyers become young families, who then look to upsize, who eventually look to invest and or/downsize. It’s rewarding to be able to help owners and buyers at the various life stages.”