If you have a choice, should you buy at auctions or private sales? Here's Our Investor’s Guide to Making the Right Property Purchase in Melbourne Which is better? Auction or Private Sale? If you're familiar with the Melbourne property market, you've probably realised the 2 main forms of marketing a property is either via Auction or Private Sale (Private Treaty). And of course, plus their many other variations. But essentially, the processes revolves around either auction or private sale. So, assuming you are in a position to choose whether to buy at auctions or private sale, You'll be wondering if Auction or private sale—what’s the smarter way to buy? So, let's start by prefacing this. In a hypothetically perfect world, where you have a choice, Should you Choose to Buy at Auctions of at Private Sales? It’s a question every investor, upsizer, and first-home buyer must face. And it’s not just about preference. It’s about timing , psychology , and strategy . In the world of property investment in Melbourne, understanding how to approach both methods can be the difference between a savvy purchase—and a costly mistake. As any top Melbourne Buyers Advocate will tell you: there is no one "better" option. There’s only the better choice for you—and with that, you must have the right strategy to back it up . The Auction Advantage (and the Risk) Melbourne is known as Australia’s auction capital for a reason. In high-demand suburbs, auctions are the norm, especially for family homes, character properties, and in elite school zones. They create urgency. They play on emotion. And they’re built for competition. Why Auctions Work Auctions work, and many buyers advocates and buyers agents who love the transparency loves the auction process. Here's why: You see your competition and bid in real time. Properties often sell on the day—no drawn-out negotiations or due-diligence processes. Motivated sellers, especially if the home has been on the market for weeks. But here’s the risk: auctions are traps for the unprepared. The whole idea of an auction is for force buyers to: expose their budget, entice buyers via competition, to extend their budget, to overpay, make a quick, unconditional and certain sale, not allow buyers to back off their offers. Bidding emotionally, chasing the crowd, or misunderstanding the property's true market value will lead to overpaying—or walking away empty-handed. How do you Win at Auction? Auctions are not for the faint hearted and unprepared. Walking into an auction unprepared, or insufficiently prepared will certainly lead to regrets, which you might not be able to back away from. So, preparation is a must, and you can never over-prepare for auctions. We'll briefly discuss our auction full winning tips here. For a complete understanding of how auction works and how to win it, refer to our Complete Guide for Winning Auctions . Does Auctions Mean You Have to Pay More? From experience, this is not true. In our 10+ years experience, we have seen properties being sold at lower prices during auctions. Quick Auction Winning Tips: Know your limit before you walk in. Set it, write it down, and stick to it. Research recent comparable sales , not just the price guide. Bring an experienced Buyers Advocate to bid for you. Experienced buyers agents shields you from the emotions, and negotiation power in your corner if it passes in. Don’t be afraid to walk away . There will always be another deal—but not another bank account. The Power of Private Sale Private sales are less dramatic—but often more strategic. They’re quieter , more controlled , and built on negotiation , not competition to a certain extend. That’s why some of the best and new buyers agents in Melbourne favour private sales for their investor clients, for different reasons. Why Private Sales Make Sense Private Sales usually makes sense, but if you think there is less risks and easier to purchase at a private sale, you might be disappointed. Let's look at why private sales is good: More time to assess the property. Room for conditions: finance, building & pest, cooling-off period. Direct negotiations with the agent, not a crowd. How to Win at Private Sales? While Private Sales may give an "demure" impression, it is not as harmless as you thought. Sales agents have enough tricks and skills to make you overpay as well. And a seasoned agent can tell if you are new to the market, and how prepared you are. The best sales agent will always get to your last dollar. So, what are some Private Sale winning tips? A complete guide is available at our Private Sale Winning Guide . But here is a short summary of that article. Does Private Sales Means Prices Will Be Lower? Again, this is not true. Sales agents are trained to extract every single dollar from you. And to do that, it is not unusual that they play mind games. They always seem to have another mystery who is paying a bit more, and they will always give you an opportunity to better your offer. Buyers usually do not know if there is indeed another buyer who had offered more. Private Sale Winning Tips: Act fast but don’t rush . Good homes don’t sit for long. Ask smart questions . Smart Questions shows the agent you are prepared. Smart Question lets you understand how you should present your offer. There’s often leverage in the details. Make your offer clean and strong . Be ready with finance, assess the risks, keep terms simple, and offer with intent to buy. Get in early . A connected Melbourne Buyers Advocate can unlock pre-market or off-market opportunities that never hit the major portals. So... What Should You Choose? Auctions? or Private Sales? Here’s the truth: it’s not about auction vs. private sale—it’s about the property. Good properties in booming locations are often sold with the auction process. While in locations or properties with less demand, Private Sales are common. As a buyer who wants to be savvy in the Melbourne real estate, you will need to be comfortable with buying in an Auction, and buying in a Private Sale. Here's why. An Auction may turn into a private sale without warning, as demand is less than anticipated, or a Private Sale may turn into impromptu auctions with little to no warnings. Being prepared for both is the best way to manage the Auctions and Private Sales. If you’re serious about property investment or buying your home in Melbourne, you will need to approach your property buying with a clear plan, discipline and right market insight. The right professional backing will help you make your purchase with little to no dramas. How can Buyers Agents Help You in an Auction or Private Sale? This is where working with one of the best buyers agents in Melbourne changes the game. An experienced independent buyers advocate (or buyers agent) doesn’t just help you buy a property—they help you: ✅ Understand with Deep and Relevant market insight ✅ Identify true market value ✅ Prepare and Navigate both auctions and private sales ✅ Negotiate from a position of strength ✅ Avoid emotional decisions ✅ Mitigate Risks and Stay on track. ✅ Avoid Overpaying ✅ Secure better outcomes, faster In Auction, buyers agents would bid on your behalf, shielding you from the pressure and stress of open bidding. The buyers agent will help you manage the auctioneer, and crowd, while ensuring their buyer clients have sufficient time to process the bid and protect the secrecy of your budget. While in a Private Sale, buyers agents would have the right skills to negotiate and the market expertise to determine what the other buyers would be paying. Buyers Agents help you negotiate for the best possible price to buy the property, while, at the same time, prevents you from overpaying for the property. Final Word: Win Smart, Not Loud In property, you don’t win by yelling louder or spending more. You win by staying clear-headed, informed, and strategic . Whether it’s the high-pressure theatre of an auction or the quiet tension of a private negotiation, the Melbourne market rewards buyers who plan ahead—and those who don’t play alone. So ask yourself: Are you bidding based on emotion, or based on value? Are you negotiating blind, or with someone who knows the rules—and how to bend them? Are you reacting, or executing a strategy? Ready to Buy Smarter? Let’s Talk. If you’re planning your next move, don’t do it alone. We help buyers every day succeed where others stall. 📍 Property investment in Melbourne is about more than buying property—it’s about buying right. With the guidance of a trusted Melbourne Buyers Advocate, your next home or investment could be closer—and more achievable—than you think. 💬 Talk to one of Melbourne’s best buyers agents today. Let’s find your next opportunity—and make sure you buy it on your terms.

Buying your first home is an exciting milestone, but for many first-time buyers, the journey feels more like an uphill battle. From skyrocketing property prices to fierce competition and complex processes, it’s no surprise that many aspiring homeowners struggle to secure their dream home fast enough. But don’t worry— our Melbourne buyers advocates will show you ways to turn the tide in your favor. Let’s explore the challenges first home buyers face and how you can take control of your home-buying journey. What Challenges Do First Home Buyers Face? Rising Property Prices In many parts of Australia, house prices have surged beyond expectations, making it harder for first-home buyers to save a deposit. With property values increasing faster than wages, many buyers feel like they’re constantly chasing a moving target. Intense Competition First-home buyers are often competing with seasoned investors and upsizers or downsizers who have larger budgets and greater negotiating power. With limited housing stock, properties in prime locations get snapped up quickly, leaving many first-home buyers missing out. Complex and Overwhelming Process From securing pre-approval and understanding government grants to navigating contracts and inspections, the process can be overwhelming. Without proper guidance, many buyers feel lost, delaying their progress or making costly mistakes. Best and Final Offer , Auction , Closed Auction , Boardroom Auction , Fixed Date Sale , Sell by Set Date , Private Treaty , Private Sale , etc, are some of the popular sales methods. While they may sound similar, there are enough nuances to set them apart, and each has its own way of navigating, so you avoid overpaying and have the right risk mitigation processes. Choosing the Wrong Property First-time buyers often hesitate because they fear making a bad financial decision. This hesitation can lead to missed opportunities as well-prepared buyers swoop in and secure properties with confidence. The biggest problem first home buyers faced is: Not Understanding the True Value of the Property This is by far, the biggest issue first home buyers face. They lack the market experience, exposure and due diligence know-how to ascertain the true value of the property they want to buy. They are also unable to assess what other buyers are willing to pay, leading to them low-balling the properties, and hurting their chances of ever having their offers presented to the vendor. Not understanding the value of the property, also leads them into fearing they might overpay for the property they like and thus, forces them to be conservative with the offer and thereby losing out to other buyers. How First-Home Buyers Can Improve Their Success While the challenges are real, there are ways to fast-track your property purchase and make smarter decisions along the way. Get Your Finances in Order Early Start by saving aggressively for your deposit and reducing unnecessary expenses. Speak to a mortgage broker to understand your borrowing capacity and secure pre-approval before house hunting. This puts you in a strong position to act quickly when the right property comes along. If you need to talk to a mortgage broker, our network of free mortgage advisors can help you understand your serviceability and apply for a pre-approval, so you can buy with certainty. Take Advantage of Government Grants and Schemes The First Home Owner Grant (FHOG), First Home Guarantee, and stamp duty concessions can make a significant difference to your budget. Research what’s available in your state and ensure you meet the eligibility criteria to maximize your savings. Depending on the mechanics of the schemes some helps reduce your upfront mortgage deposit, some reduces the stamp duty payments, while other gives you an added boost in serviceability, in exchange for the government owning a portion of your property. Expand Your Search Criteria Many first-home buyers fixate on specific suburbs, limiting their options. Consider looking at surrounding areas that offer growth potential, better affordability, and strong rental demand if you ever decide to rent it out in the future. Get Expert Support with a Buyer’s Advocate A professional buyer’s advocate, like Concierge Buyers Advocates , can make the home-buying process faster, easier, and less stressful. They provide expert market insights, handle negotiations, and ensure you don’t overpay. Most importantly, they help you find and secure the right property before your competition does. While the buyers advocates fees might seem expensive, they do help you: Understand the value of the property Understand what your options are Understand other locations you can consider Understand the various sales methods and navigate them successfully for you Negotiate and navigate the sales strategy to save tens of thousands of dollars Buy fast and with less stress Most importantly, by successfully understanding the above they can help you save tens of thousands off the property price. On average we save our buyers between $20k-50k per property. Be Prepared and Act Decisively We couldn't say it more... Do your homework. Once you’ve done your research, trust your preparation and be ready to act when the right opportunity presents itself. In the current Melbourne property market, prices are already starting to move upwards. The longer you wait, the more prices can rise, making it even harder to enter the market. The Bright Side: Your Homeownership Dream is Within Reach While the journey to buying your first home can feel daunting, remember that every successful homeowner started somewhere. By being proactive, well-prepared, and seeking expert guidance, you can navigate the market with confidence and secure your dream home sooner than you think. Many first home buyers have bought their first homes. So can you. It is only a matter of time. Do you want to buy fast and buy with confidence? Or would you want to learn the hard way and spend up to a year of more navigating the search, research and sales process? At Concierge Buyers Advocates, we’re dedicated to helping first-home buyers like you achieve homeownership faster and with less stress. Whether it’s finding the right property, negotiating a great deal, or guiding you through the process, we’re here to make your dream a reality. Our strict qualification process has ensured we only offer our services to first home buyers who can buy and we've been 100% successful in helping them. Yes, all of our first home buyer client have bought their dream home. No one else in the industry can lay claim to this. Don’t let the challenges hold you back—take the first step towards homeownership today!

Before diving into the world of real estate, it's crucial to understand the realities behind "free" real estate agents . Discover the shocking truths about how their services can cost you dearly. Understand the critical distinctions between buyer's advocates and sales agents "helping you to buy for free", and why choosing the right professional is paramount for your property journey. Understanding the Pitfalls of "Free" Real Estate Buying Services Many property buyers are lured by the promise of "free" real estate services, including buyer agents and advocates. However, delving deeper reveals a troubling reality: these seemingly cost-free services often come with significant hidden costs. By understanding who pays for these agents and how their incentives align, buyers can avoid falling into costly traps. Differentiating Between Buyers Advocates and Sales Agents In the realm of real estate, buyer's advocates and sales agents serve fundamentally different roles. Genuine Buyer's Advocates exclusively represent the interests of property buyers, providing unbiased guidance and support throughout the purchasing process. On the other hand, sales agents work on behalf of sellers, aiming to secure the best possible outcome for selling their clients' properties. The Cost of "Free" Services: Who Really Pays Your Real Estate Agent? One of the most critical questions buyers overlook is who pays their real estate agent. Failure to understand this fundamental aspect can lead to significant financial repercussions. While "free" services may seem appealing, buyers must realize that these agents are ultimately compensated by sellers, and this ,means they have to compromise their allegiance to buyer interests. Navigating the Regulatory Landscape: Why Licensing Matters in Real Estate Real estate transactions involve substantial sums of money, making consumer protection paramount. Licensing requirements ensure that agents adhere to ethical standards and act in the best interests of their clients. By engaging licensed buyer's advocates, buyers can trust that their interests are prioritized, avoiding potential conflicts of interest. Avoiding Real Estate Scams and Misleading Practices In the complex world of real estate, scams and misleading practices abound, particularly within the realm of "free" buyer's agent services. Buyers must exercise caution and conduct thorough due diligence before engaging any real estate agent. By understanding the regulatory landscape and working with reputable, licensed professionals, buyers can safeguard their interests and avoid costly pitfalls. Choosing the Right Buyer's Advocate: Where to Find Legitimate Professionals To ensure a smooth and successful property purchase, it's essential to engage a legitimate, licensed buyer's advocate. These professionals prioritize buyer interests and work diligently to secure the best possible outcomes for their clients. By conducting thorough research and vetting potential advocates, buyers can make informed decisions and navigate the real estate market with confidence. In conclusion, the allure of "free" real estate services often masks significant risks and hidden costs. By understanding the distinctions between buyer's advocates and sales agents and prioritizing licensed professionals, buyers can protect their interests and achieve their property goals with peace of mind.

So, you saw this well-priced property which looks pristine and fabulous, but you are too far away or too busy to inspect it. And you wanted it so badly that you are considering the leap of faith, trusting the photographs in real estate advertisements and purchasing a property sight unseen. Should you do that? What risks are you exposing yourself to? Can you trust the photographs in real estate advertisements? We've been inspecting and buying properties for more than 20 years and we've seen it all. One thing is for sure, you simply cannot trust ANY advertisements, real estate or not . While the relevant real estate false advertising guidelines prevents a property from being falsely represented, buyers should always approach any advertisement with a pinch of salt. What you see may not always be what you get. Most real estate advertisements do represent a largely realistic portrayal of the properties. But, like any industry, there are always rogue sales agents and real estate photographers who are "creative" (for a better word) with their photographs. There is often more than meets the eye. We inspect between 10 to 20 properties every week and without fail, each week, we come across real estate photos which does not represent the property accurately, Let's take this Case Study. Case Study: Newish Townhouse in Mount Waverley Take a moment to analyze this property in a sought-after blue chip South East Melbourne suburb of Mount Waverley, right next to Glen Waverley. Photo A: Actual photograph taken at the property Photo B: The Same room in the real estate advertisements How accurate are real estate photographs? Now, let's play a game of "Spot the difference". Compare Photo A and Photo B. Is this clever photography, creative manipulation, or perhaps "generative" photography in modern AI terms? Which version of the room would you prefer? Let's look at the differences: Notice the major omission of the construction right next to the living room. It is missing from the Photo B, the real estate advertisement. A site visit showed the major concern for any property buyer. A new double story townhouse is looming over the property. When completed, the neighbours will be peering over the fence, right into the living room. This is a major privacy concern with most buyers. Other subtle differences like a different wall picture, a resized coffee table , and a lowered ceiling height all contribute to creating an illusion of spaciousness in the advertisement, when this room is actually smaller than a typical living room. Photo B also appears brighter, which again, gives an impression of space. This can easily be done by post-processing the protograph and increasing the brightness or via slightly overexposing the photograph. So should you trust a real estate photograph? How accurate are the real estate photographs? Are you willing to take the risk of buying sight unseen? The answer is an obvious no. While state regulations require that the photographs must not give a false impression of the property, it does not ban creative use of photography techniques, camera lens, etc As for anything outside the property, it is a gray area, up for interpretation. These are the things we can see in photographs. What about the areas which aren't shown in these photographs? A typical house is much more than the 15-20 or so photographs in the advertisements. Things which are usually hidden We have also seen real estate agents cleverly hide or avoid photographs of places with imperfections or even defects. We seen bent lintels over doors and windows which are cleverly hidden behind curtains or with bright lighting. termite damaged and flood damaged floors and walls not showing up in photographs. wood rot which are not visible usually visible on photographs. overhead high tension power lines which are not captured by smart camera angling. water damage behind toilets. What can you do to avoid sneaky real estate advertisement? There is unfortunately no other ways to definitively know what the property looks like without an on-site inspection. An on-site inspection may not be as expensive as you think. Investing a small amount upfront for peace of mind could save you from potential surprises down the line. How can Concierge Buyers Advocates help with home inspection? As builder trained buyers agents and advocates, when we inspect properties, we also perform visual checks to assess the structural conditions and common faults. This helps interested buyers avoid engaging expensive formal inspections when there are clues of major defects. Our 3-in-1 property inspection: Assess the property and provide an unbiased appraisal of property value. Assess the property against buyers requirements. Assess the property for aesthetics, common concerns, issues, superstitions, feng shui, etc. After all, what's a few hundred dollars when you are risking a million-dollar home purchase? The choice is yours. How can you get an independent Home Inspection in Melbourne? Due the low cost nature and time needed to organise the home inspection, the service is only restricted to Melbourne. However, we have other options which allow other regional areas to be inspected. Get in touch with us, if you need that home inspection professionally performed.

In Melbourne's competitive property market, real opportunity often hides just off the main roads—behind mature trees, wide blocks, and quiet ambition. One suburb now catching the strategic eye of Concierge Buyers Advocates is Wheelers Hill, especially homes sitting on 600sqm or more of land. Here’s why the smart money is moving. Space Still Lives in Wheelers Hill In a city where new estates pack homes tighter than ever, Wheelers Hill remains one of the rare middle-ring suburbs where space is still attainable. We’re talking genuine family homes, generous gardens, development potential—and most importantly, land that holds long-term value. A 600sqm+ block in Wheelers Hill isn’t just a home. It’s a future asset. Whether you’re thinking dual occupancy (STCA), a knockdown-rebuild, or just a lifestyle upgrade, this suburb offers the space to do it. Buyers Advocates Love Hidden Potential in Wheelers Hill Melbourne based Concierge Buyers Advocates aren’t chasing hype. They’re tracking infrastructure, school zones, buyer patterns, and land fundamentals. And Wheelers Hill quietly delivers on all four. You’re within reach of Glen Waverley and Chadstone, the Monash Freeway, Jells Park, and top-rated schools like Glen Waverley Secondary College, Brentwood Secondary College and Caulfield Grammar. That makes it highly liveable—and increasingly desirable. Our advocates see the upside before the market catches up. Wheelers Hill is in the early stages of gentrification, with more knockdowns, high-end renovations, and young families moving in. Where to Invest in Glen Waverley: Best Streets in Wheelers Hill A short 5 minutes drive south of Glen Waverley, Wheelers Hill is a hidden gem. Wheelers Hill offers the tranquility that we expect in a good, and quiet Melbourne suburb, and the ease of access to major amenities, such as shopping malls, major supermarkets, major highways, good schools. All major amenities are available within a short 5 minute drive. But as with any suburbs, not all pockets are equal. For investors and homeowners looking for capital growth and lifestyle appeal, keep an eye on these top streets and their surrounding streets: Brandon Park Drive – Sought-after for its proximity to schools and quiet, wide layout. Lum Road – Known for large blocks and elevation, offering great views and prestige builds. Churchill-Waverley Road precinct – Larger parcels, easy access to parks and transport. Homes in these areas often exceed 600sqm, and with the right guidance, can offer serious upside. Think Bigger, Smarter, Longer-Term If you’re a buyer thinking beyond the next auction weekend—if you're thinking five, ten, fifteen years ahead—Wheelers Hill deserves a spot on your shortlist. Especially if you’re working with a Buyers Advocate who knows where the hidden potentials are and how to unlock that potential. Because in a city where land is shrinking and prices are rising, 600sqm+ is more than just space. It’s leverage. It’s growth. It’s vision. And Wheelers Hill is where you can still pick some larger land that aren't too expensive. Investment Backed by Strategy. Guided by Experience. Built on Land. Wheelers Hill is ready—are you? If you're looking to make a smart, strategic move in 2025, speak with our buyers agents at Concierge Buyers Advocate who is local and understands the value of thinking one suburb ahead.

How much does a Buyers Agent Cost in Melbourne? Have you ever wondered how much does it cost to engage the services of a buyer's agent? Or how much can a buyer's agent save you? Before we look at this, maybe we should probably look at how much it cost you to buy your property on your own. How much does it cost to buy the property yourself? No, I’m not referring to costs such as your conveyancing, pest/building inspections. Very often, the reply we get is “NOTHING. ZERO. ZILCH.” Really? Let us look at the facts First let's answer this question one step at time. How long does it take a buyer to their own property? A research conducted by UBank suggests that it can take a person in Victoria between 7 to 12 months to find a property on their property search. That is up to 12 months of lost rentals or, if you are renting, additional rental payments and, given that property prices grow around 6.8% annually [ Corelogic ] on average, you would have missed that 6.8% capital growth, AND you would have to pay 6.8% more for a similar property when you find one. WOW! Now that we've that answer, let's look at what does that 12 months translate into: How much does it cost a buyer to buy their own property? Now let’s put the sums together. Considering the median Melbourne house price of $833,000 (2019), and a median rental of $420 per week. That’s $21,000 in missed rentals, $56,000 in missed capital growth, and you’ll be expecting to pay $56,000 more for the property. Buying your Own Home can Cost you $133,000 (or more)! Or about 16% of median house price. And that does not take into account the hours and months of time spent searching, researching, attending to disappointing property inspections, the angst, the anxiety, the disappointment, blah blah blah, of missing out on properties through no fault of your own. How can you reduce your home buying cost? How can you reduce this? You need to know the area well. You need to understand the demographics and have a good understanding of the property, the agent, the house, and what other buyers are willing to pay. Engaging a Buyer's Agent is another option. On average, it takes our buyer's agents between 1 to 3 months to find a property for our clients... How much can a Buyers Agent Save a Home Buyer? So, conservatively, our Buyer's Agent service is likely to half your property search time. You buy your property sooner, you save on rent, and you enjoy the capital growth and you get your rental income earlier. That is a savings of between $33,000 to over $100,000 . Now, considering that a typical buyer's agent fee of 2-3% of the property price, does that make engaging a professional Buyer’s Agent, a cost effective, and smarter idea in your property search journey? Does using a buyer agent save you money? You are investing 2% in a buyer's agent service to save 16%. Why can a Buyers Agent Help a Home Buyer Save? What can a Buyers Agent do that a Home Buyer Cannot? As Buyer's Agents, we've access to smart property research tools and listings from a variety of sources in our network, including off-market properties, new and upcoming properties, and properties which aren't even on the market yet. At Concierge Buyer's Advocates, we invest hundreds of thousands in property research data, combine industry insider news, with insider knowledge and we run our own analytics to determine where the market cycle is and what areas are anticipated to grow. Data never lie. Combining data with our expertise and insights in the property market gives us the unique ability to forecast growth with confidence. Where can you find an Independent Buyers Advocates or Buyers Agents? But our buyer's advocacy service is NOT for everyone. We keep it exclusive to service our clients better. If you are keen to find out how if our property buying service is right for you, have a no obligation chat with us. Mention this blog and we’re pleased to offer a special deal just for you.

Are Apartments back in Favour? Savvy apartment buyers in Melbourne and Sydney are starting to love the older style apartments again! Just not too long ago, these older style, orange brick exterior apartments had been avoided by apartment buyers due to their 'older looking' exterior, lack of modern security features, facilities. But with Melbourne and Sydney apartments hogging the limelight recently, for the wrong reasons, savvy property buyers going after immediate, high returns have turned their sights on to these old style apartment in Melbourne and Sydney and are snapping them up. What are Boutique Apartments in Melbourne? These buildings have withstood the test of times, and with their traditional, solid build quality, are almost bullet proof! More often than not, these apartments can be found in near amenities, such as good food centres, shopping centres, schools, universities, and such. They also tend to have larger bedrooms, larger living rooms and kitchens. Ideal for buyers who are disappointed by the tiny bedrooms in the new apartments. So, why are these apartments back in demand: solid build quality large bedrooms, living and kitchens usually near good amenities low body corporate fees low council rates low maintenance opportunity to manufacture equity growth It's no wonder that older apartments with updated interiors have been snapped up very quickly, by first home buyers, investors and such. And they often command a high premium. A 2 bed apartment in Kew, Melbourne struggled to sell for $440k back in 2018, was recently relisted and sold for $470k in under 10 days! It is no wonder stories such as these are commonplace now, and investors start to realise the low holding cost and high yield of such apartments. If you are in the market for an updated old style apartment, get in touch. We've contacts with a couple of sellers who are upgrading, or moving on to other investment properties. https://www.domain.com.au/news/older-units-proving-popular-with-sydney-buyers-889784/

With the Melbourne property market cooling, the real estate agent's sales tactics are changing. We are starting to see less property auctions, and more properties being sold by "Expression on Interest", "Private Sale" or "Sale by Negotiation". You would hopefully be familiar with Auctions, and Best and Final Offer Sales and how to manage them. But what does an "Expression of Interest" mean? How do you manage a "Expression of Interest"? What do you need to know when a property is listed as an "Expression of Interest" sale? What does "Expression of Interest" (EOI) mean? The "Expression of Interest" simply means you need to let the agent knows you are interested in buying the property. The property could be for sale, for the right price. Or is it? What happens if there are no interests? We'll see what happens. In Melbourne residential property market, the "Expression of Interest" is very similar to Private Sale. As with private sales, some agents may called it: Sale by negotiation; or Expression of interest (EOI); or Sale by Set Date; or Sale by Set Date, Offers accepted prior; or Fixed Date Sale; or A single price $x00,000; or A price range $x00,000-$y00,000; or simply Private Sale Therefore, a residential "Expression of Interest" campaign should be managed like a private sale or a sale by negotiation. There are little to no difference between these methods of selling. You can also look at this as a closed auction process or " Best and Final Offer ", where all interested parties have to submit their offers without knowing what others are offering, within a short notice. If it sounds complicated, it is. It is one of the sales techniques in the agent's bag of tricks, aimed at creating panic and anxiety and to force buyers to think with their hearts and make irrational offers for the property. Why are "Expression of Interest" (EOI) Sales Method Used? "Expression on Interest", just like "Private Sale" is often used in a quiet, or buyers market where there isn't going to be a lot of interests or offers for the property. Short of running an auction and risk nobody turning up to place a single bid or risk the auction passing in, and creating a bad reputation for the property, the agent may suggest a "EOI" sale or private sale. Sometimes, it simply means the sales agent do not have any good auctioneer to help auction the property. How do "Expression of Interest" work? There are no right or wrong ways to run the Expression of Interest campaign. But this is what usually happens: Vendor and Agent decides to list a property for sale. They list the property as "Express of Interest". Agent list and starts the advertisement and sales campaign. Agent make it known to all, that this property must be sold. Agent may also tell everyone to "express their interest". When an offer is received, agent would usually let other interested parties know an offer has been received and they are to submit their "Best and Final Offer" by a certain date. This dateline (can be as short as 4 hours) by when all written offers must be submitted. Agent then presents all offers to the vendor. What happens next is where it gets interesting and can vary between campaigns, agents or vendors. The "Expression of Interest" process can quickly become a "Best and Final Offer" or Closed Auction process. As with the BAFO, this is also where the whole "Expression of Interest" process creates the most anxiety. Once the agent/vendor receive an EOI offer, the process may take one of the following paths: Vendor / agent may use this offer to initiate a negotiation. Sales agents has a bag of skills to trick the buyer into offering and stretching their offer. Vendor / agent may use this offer to set the base price and start contacting all interested parties to submit their offers. The best 2 to 3 offers may be chosen to initiate a "Closed Auction" or "Boardroom Auction". Vendor may choose not to select any offers, if they believe none of the offers are good enough. The campaign will then continue to its end date. Problems with "Expression of Interest" (EOI) Sales The Expression of Interest process may seem docile. It may not seem urgent to an inexperienced buyer, as, afterall, it doesn't even to sound like the agent is serious about selling. As with a typical property purchase, property auction, Best and Final Offers , this Expression of Interest sales process should be treated with care. Just like the E xpression of Interest, this is intentional. It is designed to hit buyers suddenly, causing buyers to think with their heart, and the resulting fear of missing out (FOMO) will usually lead buyers to overpay. Agents know that. Inexperienced buyers always fall into this trap. However, this would usually not work with experienced, professional buyers agents. This is the reason why, if you can afford it, you should always seek the assistance of an experienced Buyers Advocates , to ensure you receive the appropriate advice for the property. Expression of Interest sales process usually: appear passive, underwhelming and does not project a sense of urgency to inexperienced buyers; catch unprepared buyers off-guard and creates panic when being told an offer has been received; lacking in transparency conducted with urgency conducted with poor levels of communications Some interested buyers might not be informed of the auction, if they had not made their interests known with the selling agent. Or if the agents believe they have sufficient interested buyers, they may stop informing other less promising buyers, due to time constraints. How do you Prepare for a "Expression of Interest"? Preparing for a "Expression of Interest" is like preparing for an Open or Public Auction. The tips given in our " How to win at Auctions " [ link ] will apply to the Expression of Interest situation as well. Generally, to perform your best in the "Expression of Interest" process, you need to: 1. Do your due diligence. Doing your due diligence is critical to preventing yourself from buying a property that doesn't suit you. Understand what you want from the property, why you want the property and your plans for the property. Knowing the real market situation will help you understand the market demand for that property type, in that particular street and in that particular pocket. Remember, every property is different, even if they are next to each other. 2. Know the real price of the property Most buyers wrongly trusted the price guide in the Statement Of Information (SOI) provided by the sales agent. While the purpose of the SOI aims to give buyers an indication of the price for the property, it usually does not mean the auction will end within the price range indicated in the guide. You should always do your own homework . If your research is very different from the price guide in the SOI, always feel free to ask why the agent thinks it should be so different. There could be a gold plated toilet in the house. Or a few embedded 1kg gold bars in the bedroom. Or a subterranean termite infestation. Or a history of flood and/or water damage. However, more often than not, you are likely going to get a standard reply "that's based on sales data. We cannot predict how much buyers will be prepared to pay at the auction"... A good independent buyer's advocate who knows the area , location, street, buyer demand, supply situation, buyer demographics, property characteristics, will be able to confidently give you an idea of the auction price range. 3. Determine your offer This is where you have to decide what price to offer for the property. No one can do this for you, but as part of our service, our buyer's agents would be able to work with you to guide you to Know how much you can afford to pay. Know your serviceability. Ensure you have sufficient funds for the initial deposit. Ensure you have the appropriate ways to pay the required deposit. Determine the absolute best price you are willing to pay for the property. A good test to know if you've set the right price is this: ask yourself "if the property is sold for $100 more to someone else, will you regret walking away". If you've been following this blog, you will know what happens next, gets murky. While the agent may indicate that you only have that "one chance to make the best and final offer", in Victoria, the agents or the vendors might choose to further negotiate or give everyone " one final chance to review your offer ". This means " one final chance to improve your offer ". This usually causes buyers to panic and second guess their offer. You might decide to improve the offer, or if you've already submitted your best-best-best offer, choose not to improve the offer. Now, always bear in mind, you do not know who the other bidders are, and what bids they have submitted. Your bid might already be the highest, and the vendor and selling agent might just want to try their luck to extract a few more dollars from you. There might not even be any other bidders, and you are bidding against yourself. Interesting, eh? If you have done your preparations well, you should be able to confidently know what the likely scenario is. Our buyers agents would usually be able to advice based in their experience and insider intelligence on the property. Can an Agent Accept an Offer Anytime? Yes, they can. And very often they do accept offers anytime. When an offer is received, they may inform all other interested buyers that an offer has been received and they are to submit their Best and Final Offer for consideration. For tips on how to manage a Best and Final offer, click here . Or some may call for an impromptu Boardroom Auction . Click here for tips on how to manage a boardroom auction. Does the best offer in an Expression of Interest (EOI) sale offer always win? Usually yes. But not always . It depends on the motivations for this Expression of Interest property. Remember, as mentioned in our Best and Final Offer tips, the vendor and/or agents may fake "an offer received" to gauge the level of interest. They may or may not have actually received any offers. Creating this fake offer creates a sense of urgency, forcing interested parties to show their level of interests. If any interested person really submit their offer, perfect. The property is sold, if the offer is accepted. Otherwise, the property will continue to be listed for sale till the "Set Date". So, assuming an offer is genuinely received. The process will almost always result in a sale. But it may not always be awarded to the buyer with the best offer. A Sale by Set Date process is treated like any other standard written offers. IE, you CAN submit a conditional offer , which includes typical conditions such as building and pest inspection clauses, finance clause, or any other clauses you need or can dream of. It is in the vendor's interest to consider all offers and their conditions when reviewing and selecting the offers. They are likely going to select the offer with the most suitable conditions, even if it is not the highest price. Selling agents may not like it though, as it may mean they are receiving a lower commission. For a small fee, our good buyers agent can help you help you confidently navigate this entire purchase process, from buying to keys collection. How do you make an offer for a "Expression of Interest" Property? So, you have fallen in love with a property being sold as "Expression of Interest". What do you do next? How to submit an offer for a "Expression of Interest" Property? If you have been contacted and informed by the vendor agent that they are accepting offers for the property and you are supposed to make your "best and final offer", they should also inform you when the deadline is. You should always ensure you submit your best offer before this deadline. If the agent has not told you how or when they want to receive the offer, ask them. Make sure you know what the expected format it. Some may accept offers in an email. Some may have a formal offer form or an Expressions of Interest (EOI) form, that you have to fill in, sign and submit. Whatever it is, make sure the offer reaches the agent BEFORE the deadline. The agent is not supposed to accept any offers after the dateline. Not even if you are 1 minute late. Typically, your offer should include: Your name Your contact details Your best and final offer price for the property Any conditions you want to include Settlement date or period, usually 30, 60 or 90 days in Victoria. Some agents or EOI offer forms may ask for more information. Make sure you understand what is expected, and provide them if relevant. What happens after submitting your Offer for the "Expression of Interest" property? Submitted your offer? Wait. And keep your fingers crossed. You'll find out what's next. If your Best and Final Offer is being considered, the agent will let you know the next steps. You might need to be prepared "review your offer" (aka "improve your offer"), or you might win it without any further dramas. If your offer is the winning offer, the agent will usually prepare the formal contract of sales for your signature, and you will need to pay the holding deposit. If your winning offer is a conditional offer, it's time to start ticking off the conditions. Know when these dateline are. Get those building and pest inspection organised, get that finance process started, or get any other due diligence processes done. And as they say, the rest is history. Generally speaking, if you have not heard from the agent within 4-6 business hours of the deadline (usually half a working day), your offer is 99% not being considered. If you have done your due diligence correctly, and you can truly put your hand on your heart and say you've genuinely submitted your best offer, you know you have done your best. The property is not meant to be yours. There is always a better one somewhere. But you will have to go through the same process and anxiety all over again. It could be months or even years before you find another one. And chances are, in a rising market, you will need to pay more for the same property or start looking in less desirable suburbs. If you have not heard from the agent after 4 hours, call them, ask for an update. If you get a vague reply, or an iffy reply, chances are, they have selected other offers. That's usually the bad news. But the good news is, because they have not outright rejected your offer. Your offer is their back up. If the other offers fall through, you might just win the closed auction or you might be called to "improve your Best and Final Offer". The fact is, in a hot market with lots of keen buyers, or if other buyers have the guidance of professionals such as a buyers agents, you are highly unlikely to win it. As a side note, vendor agents secretly prefer to work with buyers agents because experienced buyers agents only work with qualified leads, who are market ready, ready to buy, make realistic offers, and they can close the sale faster. If you have done the right due diligence, your Best and Final Offer should be your very best for this property. You should not have any "buyer's remorse" and you would not have regretted not offering an extra $500 more. Do not be that buyer. Get one of our professional buyers agents to manage your offer, if you are not confident. Can You Counter a Best and Final Offer? Short answer is No. However, there might be ways around this, to achieve similar results. It all boils down to how the agent runs this Best and Final Offer (BAFO) auction. Remember, in most (not all) situations, it is in the agent's and seller's best interest to allow interested buyers a second chance to review (and improve) their offers. So, when the agent gives you the opportunity, make good use of it. Remember, in the BAFO, the agent CANNOT disclose who and what the higher offer is. So, you do not have to make your decision on the spot. You can always request 10-15 mins to privately review and discuss your offer with your partner, mortgage broker or lender, before confirming or revising your final offer. It also does not mean that you have to improve your offer, if what you have offered is what you believe is the best, and you would not regret if the property were sold for $500 more. What happens if no offers are received throughout the "Expression of Interest" campaign? This is where things get interesting. A good agent would already have a sense of what buyers are willing to pay by now. There is no set rules on what happens next. It all depends on the vendor and why they are selling the property. But it usually takes one of these paths: The listing continues as a "Private Sale" The listing changes to "Offers above $x00,000" The property is taken off the open market, and sold as an "Off-market" property The property is possessed by the lender and treated as a mortgagee sale The property is taken off the open market, and the sales process ends Professional Help to buy an "Expression of Interest" Property We trust you have found the above tips useful. If you're still uncertain how to manage the purchase of a property listed as "Expression of Offer" (EOI), or not sure with your preparations, or just want the confidence to buy the property, our low fee property buying service will help you assess value, to stop you from overpaying, negotiate, and buy your shortlisted property. Fees start from a low $3500 for up to 3 properties. In a recent purchase, our buyers advocates saved a client a cool $500,000. Here's how we did it . Our Melbourne based Buyer's Advocacy works for the buyers and we help prevent buyers from overpaying. Our Purchase Only service is popular with hands-on property buyers who are either unable or not confident at preparing to buy their next home or investment property. We help buyers prepare for the purchase and buy their properties with confidence. Over 95% of our clients buy their properties in 2 months. Get in touch, find out if our services are right for you. Other References: How to determine market value of a property . How to win at property auctions in Melbourne . How can buyers advocates can help you beat the market . Get in touch with Melbourne Buyers Advocates .

In this next edition of Boots on the Ground series, our award winning Melbourne Buyers Advocate visited Coober Pedy, enroute to a property inspection in Alice Springs. Coober Pedy is unique. It is a mining-centric town that is unlike all other mining towns in Australia. Coober Pedy, nestled in the heart of South Australia's outback, is renowned for its opal mines and unique underground dwellings. Beyond its distinctive lifestyle, Coober Pedy presents intriguing opportunities for property investors seeking affordable entry points and high rental yields.​ Coober Pedy Property Market Overview Median House Price : As of the latest data, the median house price in Coober Pedy stands at $85,000 .​ Rental Income : The median weekly rent for houses is approximately $225, offering investors a substantial rental yield.​ Rental Yield : With these figures, the gross rental yield is estimated at 10.63%, making it one of the highest in regional South Australia .​ Coober Pedy Growth Trends Over the past year, Coober Pedy has experienced an annual capital growth of 12.58%. However, it's essential to note that long-term growth has seen fluctuations, with some reports indicating a compound growth rate of -22.7% over a more extended period.​ To understand this fluctuation, you will need to understand that the quality of properties in Coober Pedy range from tin shacks to modern brick veneer houses, and anything in between. Thus, property value ranges from $50,000 to over $400,000. As median price is a reflection of what is sold during the period, not the value of the house, it will fluctuate depending on what property buyers buy. Did the buyers buy some functional tin shacks? Or did they buy a $500,000 bungalow? Types of Residential Properties in Coober Pedy With prices ranging from $50,000 to over $400,000, you will be surprised with the types of properties you can buy and invest in, in Coober Pedy. Broadly the residential properties can be classified as above ground or under ground. Above Ground properties are properties which are built above the ground, such as those in your neighbourhood. However, the lower priced ones are typically based on large tin sheds modified for living, while the higher priced ones would be similar to your brick veneer houses in your local neighbourhood. Underground or Below ground or Dug-outs, are houses designed around old underground mines. Picture below. Because they are underground, they tend to maintain a rather constant temperature of around 25C through the year, minimising the need for cooling and heating systems. However, because they are underground, they usually do not have any windows, and can be rather humid in them. This can trigger claustrophobic anxiety for those who are not used to enclosed spaces. Property Investment Considerations in Coober Pedy Positive Aspects of Investing in Coober Pedy: High Rental Yields : The impressive rental returns make Coober Pedy attractive for investors seeking strong cash flow.​ Affordable Entry Point : The low median house price allows for a lower barrier to entry compared to metropolitan areas.​ Unique Lifestyle Appeal : The town's underground homes and mining heritage offer a distinctive living experience that can attract niche markets.​ Challenges of Investing in Coober Pedy: Market Volatility : The property market has experienced significant fluctuations, necessitating careful analysis and risk assessment.​ Limited Market Size : With a smaller population and housing market, liquidity can be lower, potentially affecting resale opportunities.​ Infrastructure and Services : Being a remote town, access to certain amenities and services may be limited compared to urban centers.​ Promising Locations in Coober PEdy While Coober Pedy is a small town, areas closer to the town center or near established underground residences may offer better investment prospects due to higher demand and unique appeal.​ Property Investment Outlook for Coober Pedy The outlook for Coober Pedy's property market remains cautiously optimistic. The combination of high rental yields and low entry prices continues to attract investors. However, potential investors should remain vigilant about market trends and conduct thorough due diligence.​ How Concierge Buyers Advocates Can Assist Navigating the unique property landscape of Coober Pedy requires local knowledge and expertise. Concierge Buyers Advocates offer personalized services to help investors identify suitable properties, assess risks, and negotiate favorable terms. Their experience in regional markets across Australia ensures that investors make informed decisions aligned with their investment goals.​ Conclusion Coober Pedy presents a distinctive opportunity for property investors willing to explore beyond traditional markets. With its high rental yields and affordable property prices, it stands as a testament to the diverse investment landscapes within Australia. Engaging with experienced professionals like Concierge Buyers Advocates can provide the necessary guidance to navigate this unique market successfully.

We're not workaholics. But if there's a good deal, we'll work over hard to get it. Even while everyone was on holiday. Our Melbourne Buyers Advocates recently bought this investment property for our NSW Property Investor over the Christmas and New Year Break. Our boss said "make it a deal worth working for". And we made sure it is. A 5% discount is unheard of, in a warm-hot market. But we made it. Our property analytics suggests that this particular North West Melbourne suburb is about to boom. And we wasted no time. In a matter of weeks, we shortlisted and bought this while other buyers were busy enjoying their holiday breaks. Let's jump straight into the purchase metrics: We're working on a $750,000 budget for this investor. After a month of intense search, we found this gem on one of the larger block of land in the area. Savings: Negotiated from $700k down to $665k. A saving of 5% ($35,000). Buyers Advocates Fee: Only $14,000 Valuation at Settlement : $725,000 How Much did our Buyers Advocates Save our Buyer? A savings of $35,000 for a $14k buyers advocates fee? It's a no brainer. Not having to search, and run around for disappointing property inspections, and yet, enjoying a $21,000 savings is an obvious advantage. But the best part is, the property is values at $725,000 on settlement day! Yes, the value of their property rose 9% in 2 months, due to increased buyer interests in the area . It's all about picking the right property at the right location, at the right price. Want us to find your next investment property while others are on break? Book your free consultation now! The role of independent Buyers Advocates As independent buyer's advocates, our job is to ensure our investor buyers get the best property for their budget. Because we are independent, we've no agenda to drive, and we've nothing to sell. So, we will never be the usual pushy sales agents. While the sales agents will promise you the sky, to get your money (that is their KPI), we ensure you only buy the best for your budget . We know a good deal when we see one and will drive hard for a good deal when there is one. Our principal Buyers Advocate Rayson, personally see over each deal being made with our buying services.