Some moments in life are truly monumental, and for most of us the day we buy a home is a defining day.
So many of our dreams and aspirations are tied up in the bricks and mortar of our homes, and with so much pinned on the home buying process, it’s unsurprising that auctions are often loaded with expectation and emotion.
The buying process is far from boring, and realestate.com.au in partnership with CUA follow all the highs and lows of the process in this Auction Mornings series.
Meet the strategists
Our fourth auction hopefuls are British immigrants Liz and Matt, a couple in their twenties who are new to the buyers’ journey here in Australia and looking to buy their first home together in NSW.
The pair is keen to move from their one-bedroom rental apartment in McMahons Point, a harbourside suburb on the lower north shore of Sydney, so they can upgrade to two bedrooms and get on the property ladder.
Drawn by the abundance of green space thanks to nearby Lane Cove National Park, close proximity to the CBD and the area’s excellent business opportunities and facilities, the couple have set their sights on Macquarie Park, a suburb in northern Sydney.
“Having rented since we first arrived here in Australia about three and a half years ago, we really want to start investing in our own property and get onto the property market over here,” says Liz.
Doing their homework, the couple monitored the suburb’s median price and compared recent sales to determine which properties would fall into their price range. They also had all their finances in place.
“We’ve been looking at the market for over a year now so we know the most popular areas to buy are close to the city,” says Liz.
“However, we can only afford a one bedroom unit near the city, whereas we want two bedrooms, so we decided to look a little further out of the North Sydney area.”
The two bedroom apartment is light, airy and in tip-top condition. Picture: realestate.com.au/sold
The dream home
The newly renovated 25/3 Durham Close is a spacious two-bedroom property ideal for the professional couple, who are looking to live in a bustling business hub but with plenty of leafy outdoor spaces right on their doorstep.
“The apartment is only ten minutes away from where I work and sits right on the edge of the national park, which is lovely,” says Liz.
“This apartment ticked all the boxes.”
The well designed, modern apartment is in superb condition and benefits from views of the national park and a large swimming pool in the complex.
“This property has been immaculately renovated and styled, it’s a top-end example of this type of unit,” says Oliver Sheenan, agent from Ray White.
Rainbow lorikeets are regular visitors to Lane Cove National Park.
The suburb
Home to multinational businesses, Macquarie University and Lane Cove National Park renowned for its beautiful bush walks and river, Macquarie Park has quickly become Sydney’s second largest business district.
The popular suburb offers an affordable entry point for first-home buyers.
“We did quite a bit of research and checked what the other properties in the area were selling for,” says Liz.
“With all the new housing development happening in Macquarie Park we feel it’s a great place to invest our money.”
“The market is performing very strongly in Macquarie Park, we’ve seen great growth throughout 2017 and it’s achieved some great prices,” says agent Oliver Sheenan.
The median price in Macquarie Park for a two bedroom apartment is currently $765,000.
The auction
With loan pre-approval in place and with a little auction practice under their belts, the couple’s strategy on auction day was to be confident and get the first bid in.
They agreed that $790,000 was going to be their top bid.
“We were very excited but nervous at the same time, we really wanted the apartment but you never know what’s going to happen,” says Liz.
“We’ve been to two previous auctions, with the first one going nearly $300k over the guide price and at the second one we missed out by $20k – we’d simply reached our limit,” says Liz.
A little practice clearly stood the couple in good stead, as Liz bid strongly, placing the first bid of $730,000, and she continued to hold her own against competing bidders, eventually placing the winning bid of $784,000.
In terms of Liz and Matt’s strategy, agent Oliver Sheenan says confidence is key and the pair had what it took to hold their own in the bidding process.
“As soon as they were outbid they hit back straight away, and that’s a great way to demonstrate that you’re serious about the property,” says Sheenan.
Making the first bid is a common strategy to show you’re serious early on, but it doesn’t guarantee success.
If someone makes a counter bid, don’t hesitate to follow up with another bid provided you can afford it. Be decisive either way.
Deciding your limit in advance is so important, and CUA has some great tips for being prepared for auction day.
They may be a long way from the UK, but Liz and Matt are living their Aussie dream, having found a great home in a great suburb.
If you’re looking to upsize, downsize, or buy for the very first time, make a good move and speak with CUA today.
