The Bondi reno was our second Avocado Smash Strategy project we’ve done where we team up with each of our children to complete a project to inject $100K into their property journey. In this project, David got the loan and we put in the cash and it was looking a bit touch and go there for a while, mainly courtesy of the Sydney property slump. We bought it in the peak and the project was completed as the market was doing a nosedive. Now, I’m happy to say with careful management and patience, it came through in the end and delivered on our $100K promise.
In terms of the actual auction, I have to say our agent worked really hard and he really rose to the occasion. And because there was quite a bit of concern about the building, he really did what it took to build relationships with the potential buyers and make sure that their concerns were aligned right up to the neck. That morning, he had people ringing him as a result. So we used our favorite auctioneer, Damien Cooley, who did an awesome job and as a result got a record price for that building. It has sold for $1.32M a record price and had delivered on the result we were looking for.