Darwon's Theory | The One That Got Away

Let’s talk about The One That Got Away. I don’t mean the quintessential ‘perfect’ character from every heartfelt drama - I’m talking about homes. Every experienced buyer has that one house they wish they had bought. However, unlike in the movies, when it comes to property these opportunities don’t usually come back.?

We held our auction extravaganza last Saturday, and (as always) the excitement was palpable. Unfortunately, though, it can’t be a good day for everyone. I want to talk about what happens when someone outbids you, and you miss out at auction. The cost of a moment’s hesitation can be a lifetime of regret.?

Over the last 25 years, the median house value across Australia has increased by 412 percent. Of course, some suburbs have fared better than others. New Farm and Bulimba, for example, have gone through an extreme process of gentrification to become prime real estate for growing families, empty nesters, and young professionals alike. You don’t have to look far to find stories of buyers who decupled (that’s 10X) their money by taking a leap of faith back in the 80s.

Chances are, the surrounding suburbs are next. Balmoral and Hawthorne are already well underway to becoming target investment suburbs, but Morningside, Seven Hills and Carina are all likely poised for further growth. Miss out on an opportunity in these prime locations, and you could be regretting it for decades to come.?

So, how do you avoid missing out at auction? Before you go, you need to know exactly how far you’re willing to stretch to secure the perfect property. If you miss out on your dream family home for a mere $1,000 - is it worth it? (Equally, you need to know your hard upper limit so you don’t get buyer’s remorse.) Then, once you know these figures, ensure you bid with confidence.?

As a buyer, there are a few benefits to buying at auction. If you’re successful, you could save yourself weeks or months of Saturdays squeezing into packed open homes only to fall short when it comes time to enter an offer. At least at auction, you can see your competition. That said, there is an art to bidding - that’s why some buyers engage a professional to do it for them. If you ever need help with this, let us know.?

As a seller, auction may be a good option for you to sell for a few reasons. Perhaps you want to capitalise on buyer competition and hype. If that’s the case, my team has got a couple of options for you: on-site auctions, prestige in-room auctions, and our auction extravaganzas. There are pros and cons to each, of course, but I personally love auction events because it gives you the potential to reach a wider pool of buyers and really capitlise on the excitement in the room.?

Our final?Auction Under The Stars?for the year will be held?at Howard Smith Wharves on November 14. Time’s ticking, but if you’re interested in selling on the night - reach out for a market appraisal.?

Cheers,

S.D.