Guest: Sam Goddard
Presenter: Wayne Bucklar
Guest Bio: Sam Goddard has an extensive knowledge and expertise as a top-end specialist in building and developing relationships. Being able to work closely with all of the Directors of Abercromby’s, Sam had the opportunity to work on some of the state’s most notable multi-million dollar properties. Drawing from the best of each person he has learnt from, Sam’s advice to his clients is of the highest quality. As a keen golfer, Sam loves to get into Barwon Heads for a hit. His love for footy remains after playing firsts football for Melbourne Grammar and he is sure to see the Cats play whenever possible.
Segment overview: Established in 2005, Abercromby’s has positioned itself as the first choice for people wishing to sell, buy or rent prestige property in Melbourne and beyond. Sam Goddard from Abercromby’s joins us in this program to talk about the real estate market in Armadale and Toorak.
Wayne Bucklar: You’re listening to Business Radio Talkers.FM. My name is Wayne Bucklar and joining me today in conversation is Sam Goddard. Now Sam is the Director of Abercromby’s, a real estate firm in Armadale, a magnificent piece of Australian real estate. Sam welcome to the program.
Sam Goddard: Thanks for having me Wayne. It’s a pleasure to be here.
Wayne: It’s our pleasure to have you on. Now Sam, we’ve been talking to lots of businesses around the place but fill us in on what it’s like to do real estate in Armadale?
Sam: Well it’s like a lot of places, it’s very competitive Wayne. But the thing that we’re finding in our particular market is that in the current market, the lack of stock is made it even more competitive. There’s very, very much a large amount of people have got a lot of money to spend. But because of that people, I supposed because of the strength of the market bundles are actually a bit apprehensive to sell because if they sell, they’re always saying, ‘Sam, what are we going to buy?’. So I would say to you that because of the strength of the market and what it has been for the last probably 5 years now, the competitive nature and the number of agents trying to acquire the appropriate listings for the demand of the buyers and we’re dealing with has become very, very competitive.
Wayne: Now for people who are listening who aren’t from your part of the world and may not be familiar with Armadale, just give us a little word sketch about what it’s like and where it is?
Sam: So Armadale is for those who don’t know where it is, people would probably know it’s Toorak is. So Toorak is probably one of the most prestigious suburbs in Australia. So we, edge which is under the umbrella of what we trade in Stonnington which is Armadale, Melbourne. In a suburb of itself, it’s very much renowned for its quite prestigious homes and very good schools as well. In terms of access to the city, by public transport probably 10 minutes to the MCGs what we always say or easy access to the either Coastline whether it be the poor Darlington so that the Flinders, or Red Hill, or whether it’s Torquay either way it’s very much a central hub of both business and luxury homes.
Wayne: And when you’re talking about the price of those homes, what’s the kind of medium price in the suburb now?
Sam: In Armadale, I would say the medium house price would probably be in excess of 3 million. I feel a lot of business promptly in Toorak and myself, and the medium price would be in excess of $4 million, close to 5. So you can see what I was talking about before that the demand to get into the area is so strong that there is that sort of angst from the sellers and if they sellers, then they are inflating their price due to the demand. So everything is selling and selling well, the things that aren’t selling at the ones where people have the inflated expectations and almost dictating to the market. Well if you want to be here, this is my price and that’s I suppose where the challenge comes in Wayne.
Wayne: And I guess the location, location, location has long been the golden rule so it still remains that way.
Sam: Very much. We all talked about the foreign investment and and the impact that’s had on our market has been very strong. I mean what I’m finding now over the last probably five years that the foreign investment it’s come in, is now trickling in to where maybe someone sold a big old commercial building to a foreign investor. They are now then subsequently reinvesting in the market that we’re trading in so it’s not so much that we’re only dealing with foreign investors, it’s people that are reaping their rewards of that trade and now putting their money back into these affluent areas.
Wayne: Yes. It’s certainly that money go round that a lot of people complain about. But I guess if you live in a fabulous spot, other people want to live there too.
Wayne: You’re listening to Talkers.FM and I’m in conversation with Sam Goddard from Abercromby’s and we’ve been talking about the the market in Armadale and Toorak and some of the other areas that they work in. Sam, you’ve mentioned before about needing to get stock and needing to get listings. What do you think attracts people to Abercromby’s?
Sam: So I supposed Abercromby’s is a business Wayne, is in the market we trade and a lot of our competitors are very much franchise businesses so they have multiple offices. We trade under one roof so we’re probably the last freestanding boutique business that very much trades from the one hub. So I supposed from our perspective, we specialize in generally having a bit more of a hands-on approach. The team that we work with, we put ourselves on having that team culture and our business is very much derived from referrals. So of about 70% of our business in contrast to the other market would be private sale or off-market so whether there’s no advertising at all, it’s very much done over a coffee table or in a dining room. That’s very much how we’re seen in the marketplace in that upper render market. So this is sort of the Abercromby’s way. So that’s how we very much see in the marketplace being a unique boutique luxury business that specializes in doing a quality job not just a quantity you know it’s ‘very quality rather than quantity’ is what we always say, what we pride ourselves in.
Wayne: And you know if you’re going to sell what is probably your pride and joy but also your biggest investment, having someone on your side in that process is well and truly worthwhile.
Sam: Absolutely. I think a lot of the other business that you would see Wayne in your experience in Queensland is that there’s a model where it’s very much these umbrellas and teams under within a team, so the communication within businesses is a real downfall for vendors. So what we always say that your property is very much allocated to one person but the communication is there within the team. If one of the other guys within the business has someone, there’s no sort of barriers that they have to jump through to get through. And that’s how we have grown as a business and we’ve only been trading for in excess of 13 years now, but it’s very much helped us grow in the right way and the right messages come from the market.
Wayne: Now Sam, for those people who have heard you today and have an interest in either getting in touch because of what you’ve had to say or they’ve maybe got property around Armadale and Toorak, that part of the world, maybe they’re looking to buy or to sell, how’s the best way to get in touch with you?
Sam: Probably, the best is by email, Wayne. So my email [email protected] or you look via LinkedIn like everyone. The digital platforms imperative for our business these days or via mobile or Abercromby’s website which is www.abercrombys.com.au.
Wayne: And if you’ve missed the conversation I’ve just been having with Sam Goddard, Director of Abercrombys, the good news is we have a transcript on our website and we also have an audio archive on SoundCloud and on iTunes so you can list of the whole interview there. My name is Wayne Bucklar and you’ve been listening to Sam Goddard and myself on Talkers, Business Radio Talkers.FM.