Best way to secure a property on private sale

Domain and Realestate often publish articles recapping the week's auctions. If you cross-reference the reserve price quoted against the Statement of Information for a property, you'll often find it set at the top end of the range. Occasionally it'll be above it.

(Realestateview includes the Statement of Information with its sold listings, unlike the other property sites.)

I can't really advise on how to proceed with negotiations, other than something else will come up. Bear in mind that Melbourne is a slowing market, and an agent I spoke to last week reckoned it peaked in June or July last year, so a bit of patience might be rewarded.

 

Melbourne is not a single market. A lot of areas were really picking up just after July last year when the new stamp duty rule applied.

 

No it's not, but real estate markets tend to be tightly coupled.

If the Inner East is slowing, then it's likely that the Outer West will eventually follow suit because changes ripple outwards.

 

Yea, but it will take time. Sometime it can be 18-24 months different in which you can see 20-30% increase in the outer suburbs.

 

You might be right, Eric. Eventhough our offer was at the top of the SOI, I should have offered more to get us in the front seat of the rea's mind.

That's a good tip! I didn't know Realestateview had SOI included with their sold listings. I have been searching Google for "address + statement of information" on sold properties.

 

understand how you feel, but you don't want to over spend on a property neither. there is always another one available.

 

Right from the first post, I already believed that this property is worth at least mid 600k. However, top of the SOI is ~630k. If we didn't follow the SOI and offered mid 600k from the start, I think we could have secured the property.

Lesson learned.

And onto the next one!

 

Hi @Stan thx for sharing this. I am just curious what is the sold price at the end?

 

670k. Why?

 

I am just a learner as well. Your case is a bit similar to mine, hence I am interested in reading your thread.

 

We just secured a property a few weeks ago. The settlement is next week. I'll post another update after the settlement.