Arriving at the auction for 40 Chrystobel a few minutes early, it was evident that anticipation hung thick in the air. This wouldn’t be a lackluster affair; there was a buzz indicating a lively bidding war to come.

“G’day, Jack,” I greeted John Bongiorno with a handshake, half-jokingly seeking assurance of a fair shake in the auction. His response, a characteristic crocodile grin, hinted that mercy wasn’t on the agenda; if my client wanted to secure the property, we’d need to fight tooth and nail.

The crowd, numbering around 100, comprised mostly onlookers. I approached Gina from GK Buy Sell, with whom I was collaborating, seeking her insight. “Mal, it feels robust, but appearances can be deceiving. These properties always draw a crowd, but let’s not forget, this is a major undertaking—a project demanding not just financial commitment but a true passion for renovation and deep pockets to match.“

Engaging in brief pleasantries with industry stalwarts like Hamish Tostevin, Desiree Wakim, and Duane Woloweic, who were all present to facilitate the sale, added to the charged atmosphere.

As the auction commenced, Jack delivered his customary spiel, extolling the virtues of Grace Park, 40 Chrystobel, and the Marshall White team. Amidst his rhetoric, a young couple, gently prodded forward by Desiree, stepped up and kicked off the bidding at $8 million.

Internally, I noted the significance of this move, particularly Desiree’s adeptness at stoking buyers’ enthusiasm. Just months ago, a similar scenario with her, had seen a Grace Park price exceed expectations by a significant margin. With an $8 million opening bid from them (my initial plan was to start at $7.5 million), I opted to bide my time, observing the unfolding dynamics.

With Hamish fielding bids via phone, the bidding escalated to around $8.2 million. While the phone bidder posed little threat, the young couple seemed determined, egged on by Desiree’s subtle guidance. It wasn’t until the bidding reached $8.3 million and on the market, that I decided to enter the fray.

It was at $9m in a heartbeat, our first pain point, and this young family with two children in tow and Desiree pulling the strings looked like they were just warming up, not actually cooling down. Not a great sign for our client.

A few bids later we were at $10m and it was game over, but wow even though I was dead in the water, the other side still threw a $600,000 bid and were at $11million.

Jack looked at me with that engaging smile again and I said that was a good bid Jack; he concurred with a nod.

The jig was up, the crowd was silent, and the hammer came down.

Marshall White’s solid campaign, began with good quoting (no they did not underquote – it was worth the quote 3 weeks ago when this started, see our early values below); and continued with Desiree’s strategic maneuverings. Notably, Desiree spends the time, where most don’t, in working buyers into a position of seeming invincibility, this knack for fostering buyer confidence and inciting competitive bidding can prove instrumental.

Sometimes there are downsides, but here you could feel the competing couple’s determination, proven by the fact that it was all over, but still they pumped another 600 grand into the result – showing how effective Desiree is for her selling client – a testament to her efficacy as an agent.

Congrats to the buyers, it takes some guts to take on such a massive project, but with a young family and some effort and cash, you have the makings of a great project and generational family home. Well done.