Set your expectations

A good starting point is our range of calculators that can help you work out your approximate loan repayments and stamp duty costs. Information like this can help to create a clear picture of the house you can afford.

Next, get hold of some property reports. These types of reports provide an estimated market value (of the home you’re looking at), along with suburb trends and recent sales history. They’ll also show you nearby schools and transport. All of which can help you form an educated view on whether a property is a good buy or not.

Our property reports are all complimentary and can be accessed through our online full Property Reports. To start using this tool, just enter the suburb or property you’re interested in online. You can also get a more detailed property or suburb report through your lender.

Get agents working for you

Often, agents list properties on their local sites. So, sign up to their mailing lists and add their sites to your property search list. They’ll give you an inside track on the market.

You can also contact agents and let them know the things you do and don’t like in a home. An agent can then provide you with a curated list of properties based on your criteria.

Go broad with your property search

Check out our online full Property Reports to get a clearer picture of the properties you like and the suburbs you’re looking in. 

As mentioned previously, try to get a feel for the real estate agents who are selling the kind of properties you like, and check out their listings before you start your search.

And finally, free property reports are a great way to access estimated property values, suburb trends and history, plus other useful property insights and data. 

Always inspect the property

Property listings can be deceiving. Photography techniques can make the dingiest rooms look amazing and change your view of a place. So before putting in an offer – and to help you feel more confident prior to auction day – make sure you attend at least one open inspection in person.

Don’t be afraid to ask for help

If you find auctions intimidating, get some help from someone who’s done it before. Speak to a friend or family member, alternatively, speak to your lender. You need someone who can both manage the pressure cooker of the auction and knows the market well.

What to do if you miss out at an auction

Getting outbid at an auction will hurt. But try to remember that another house is out there waiting for you.

So, what do you do if you miss out? First off, work out what went wrong and adjust your approach accordingly. If it just wasn’t your day, or if the winner got duped by some of the auctioneer’s tricks, there’s not much you can do. And missing out might not necessarily be the worst thing.

But if there’s something off in your strategy, or prices within the suburb have risen above your budget, you may need to reconsider a few things.

For pricing, work out how far you fell short. Was it just a case of good auctioneering or were you more than 10% away from the asking price? It might be a good idea to look in the next suburb over.

And don’t forget, new properties are always coming on the market. Present yourself like a pro, not a frustrated buyer. You never know, they might have something better for you.

Call our specialists with any questions

If you need help, or just want to renew your Approval in Principal, call your home loan concierge.