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A First Time Buyer's Auction Journey
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Welcome to Property Hack!
Beyond the Listings: Real Stories in the Property Space đź’ˇ
Navigating Auctions: What helped this first time home buyer purchase their place - and at auction!
Snippets:
♻️ How collecting recyclables built a $45k home deposit.
🏠A property with it’s own waterfall, is earning on average $150k per year.
Let’s go!
From Renter to Homeowner: A First-Time Buyer's Auction Journey
When Mitch's landlord hiked his rent by 32%, he faced a pivotal decision—continue renting or venture into homeownership.
Twelve months later, he's successfully navigated the property market, including an auction experience.
How did you navigate the auction? With a lot of guidance?
“Oh no.
I got a little paddle and I held it up and said a number”
With minimal information and a competitor standing directly behind him, Mitch took the initiative to place the first bid when no one else did.
Mitch's confidence in his purchase came partly from seeing what he didn't want - with a very helpful second viewing at a dark and damp property highlighting this.
“It was nice the first time… the second time I went back… I was looking at all these things.
There was stuff rotting in the storage lockers.
There was an exposed sandstone wall that was wet. It hadn't rained in a week but it was still wet."
Mitch's journey highlights some key elements for his first-time homebuyer success: a trusted personal advisor who shared his values, to help with viewings and emotional decisions; a knowledgeable broker who helped demystify the purchasing and financing process; and the confidence to recognise red flags while appreciating value—even when it may come at a slightly higher premium.
Be sure to read the full story here
Snippets:
♻️ A side hustle collecting and recycling cans and bottles led to a $45k home deposit - read on here
🏠A property that has it’s own waterfall is earning on average $150k per year
Quote for the week:
“Start where you are. Use what you have. Do what you can”
Thanks for reading! If you have any insights to share, simply reply to this email and it’ll be received by the Property Hack team.
Have a great one!
Sam & Jane
The Property Hack Team
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Information in this newsletter is general in nature and not advice. Undertake independent research and seek trusted professionals. Names are changed for privacy.
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