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We speak to the team behind the weekend’s most intriguing property sale.
The property: An oversized one-car garage with power on a separate title in Roslyndale Avenue, Woollahra, NSW. Sold off market for $500,000.
Who was the agent/agency? Davide Talone, The Agency Woollahra, Paddington.
An oversized one-car garage with power on a separate title in Roslyndale Avenue in inner-suburban Sydney’s Woollahra sold off market for $500,000.
How long was this on the market? [Talone] It wasn’t. It was an off-market sale. From when I started door knocking to when I sold it was about one week.
Why did this one sell? The value of having a garage space within Woollahra – it’s difficult to find parking there. Having a garage is like having gold in that suburb.
Was it overpriced? The value of it would have been viewed differently depending on what you owned within that area. That space would be more valuable to people who own homes versus someone who would own an apartment.
A car space in Paddington or Woollahra is generally 10-12 per cent of the overall value of the property per space – if you’ve got a $1 million home, the garage is worth $100,000 to that home. If you own a $6 million home, that garage is worth $600,000 to that home.
What did you think it would go for? I thought $500k would be achievable. But we had to put a process in place to get to that number. We got to that number through competition.
The buyer, who already has car parking outside their home, doesn’t have an EV – but could see that demand for parking spaces with charging facilities would soar.
I would have door knocked around 50 units. And would have door knocked about four streets which have anywhere between 20 and 50 houses in them. The ones I couldn’t get a face-to-face conversation with I revisited, door knocked a second time and left a letter saying: “We’ve tried to contact you. This is what we’re selling, if interested, please get in contact.”
There were 10 people who were interested initially, but when we showed them the price, it boiled down to four.
What was surprising about it?
The buyer was a local. Everything’s transitioning to full electric with the automotive industry. He’s looking into a future with electric cars. It has power to the garage in which they can use a three-phase charging system for an EV.
Does the buyer have an electric vehicle?
I don’t believe the owner owns an EV but is thinking about it into the future. He is a car enthusiast.
Whose garage was it?
It was a local vendor. They no longer used it. The garage is a separately titled parking space. It belongs to a unit complex. You don’t need to be a unit owner to own the parking space.
This is the first garage that I know of that you have been able to purchase outside of the strata body. You don’t have to be living in that strata. Sometimes you can onsell a garage, but it has to be within the complex, as there are security issues. Here you can enter and exit through the garage. It’s not part of the complex.
The vendor has already got parking for his property but doesn’t have an enclosed garage. They have a car space at the front of their house.
I know a few houses in Woollahra and Paddington that have electric vehicles and are not garaging them. They’ve got exposed wires over the pedestrian path. Woollahra council is up in arms about it. It’s a trip hazard.
What they are also securing is something that will increase the value of their asset should they ever decide to sell. It increases the value of their primary residence, based on having an extra garage.
Do you reckon we’ll see another result like this: a) next week b) next year c) next cycle d) never?
c) Maybe next cycle. I don’t want to say never. It’s a rare asset. I don’t see anyone who owns a garage on a separate title in Woollahra who would onsell.
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