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Andrea and Max’s Journey

We had the opportunity to work with a lovely couple looking to buy their first investment property. We had targeted the inner west for a period style weatherboard and, after searching for a few weeks, found some gold in Footscray that was scheduled for auction after the owners declined our offer to purchase prior to auction.

We conducted all of our due diligence and building inspection, which came up very positive for an updated one hundred year old double fronted, block fronted weatherboard period home.

On the day of auction, like many first time investors, our clients were filled with nervous and anxious energy. We met earlier to discuss a strategy and agreed on a final walkaway line in the sand price at $771k with a leeway of an additional $2,000 if need be. This step might sound mundane to many but it is in fact a crucial step to ensure that we know how are we going to approach the auction and how far can we go, much like having a game plan before going into a football field.

The auction was well contested with quite some competition from one other couple at the pointy end. We made some odd number bids and asked a few questions regarding off street parking and council restrictions which are all valid questions but we used them to try and put off some of the crowd. It can be intimidating if you are not a public speaker, but being an experienced Buyers Agents, I get to learn all these crowd control tips.

After such spirited bidding we were successful with the little extra bit needed within our budget to secure a great property in a fantastic location on a good size block of land which will continue to grow well with a reasonably good yield but even better capital growth prospects.

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