The pandemic was raging, prices were soaring and buyers, especially those moving to regional areas, were battling it out for limited stock - 2021 could have been one of the most challenging years in recent memory to buy a property.
That's the situation first home buyer Tom Minchin and his wife, Emma, found themselves in when, at the start of 2021, they decided to move out of the city and closer to family in the Blue Mountains, west of Sydney.
"We were looking for a small, three-bedroom house with a bit of character and the potential to grow in. So, from January we started keeping an eye on the market while we sorted out our finances. We weren't officially looking to buy, but we were going to the odd inspection to get a feel for homes."
During that period, properties in the Blue Mountains were selling quickly. "Prices were just going up and up and we were seeing near-identical places selling for $20,000 or $30,000 more than they had a week earlier. So, not having gone through the process before, it was pretty intimidating."
Faced with a red hot market and plenty of competition from other young buyers, the Minchins were introduced to the idea of a buyers agent and quickly decided to take one on to try to get a leg-up.
"We weren't really worried about him finding properties for us. It was about whether he could get us in to see a place or even help us negotiate, and given how quickly prices were going up, we thought that if he could get us a property a week earlier it would pay for itself.
"In the end, it actually happened really quickly. The property that we ended up buying came on the market and e buyers agent managed to get us in to see it the following day and before the first open inspection. We put in an offer and the owner was motivated to sell, so we went to final offers and the buyers agent managed all that on our behalf and we ended up getting it."
Saving time and money
This story is from the March 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2023 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
