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
Is the public market shrinking?
Australia needs a healthy stock market to give companies access to funds and to allow retail investors to build wealth.
India: three steps to transformation
Massive investment and extensive reforms turbocharge the economy.
The ballet of business
Changing direction, products, models and marketing is a hard task for a business. We chart what it takes to turn a business around, plus profile four successful pivots.
Save money and the planet
Could the high cost of living give us the incentive we need to reduce how much water and energy we use or waste? These eco-friendly household tips will help you do just that.
AI adoption is the new black
Artificial intelligence is set to reshape the commercial world, and small enterprises can’t afford to miss the boat.
Spam attack! Murky laws jam our inboxes
Unwanted marketing material is one of the pain points of modern life.
From rags to riches in style
Rich Tran sported a bowl cut until he was 14 years old and had no intention of becoming a hairdresser.
New work deals are killing the 'old' office
The Covid pandemic and the subsequent lockdowns accelerated the trend to more people working from home. It was a mixed experience.
Points taken: the truth about rewards
Can hopping between credit cards really boost your frequent flyer haul and give you cheap or free travel - or is it doing more harm than good behind the scenes? Money puts it to the test.
Shortcuts to own a home
Innovative ideas with a focus on low costs and sustainability could help solve the housing crunch.