The Search: My husband and I have been actively trying to buy a property for 3 months now. We spent ages last year researching where we wanted to buy, doing the weekly rounds of open houses and attending auctions. Our record for a Saturday viewing is 16 properties and 4 auctions.
The Property: The property search started out fun and interesting although very time consuming. In December we got married so we decided to wait til we got back from our honeymoon before we took the mortgage plunge. So at the start of this year we got serious. We quickly fell in love with a property in Newtown. Auction date was February 26. We dragged all of our family through it, did all the necessary inspections and the standard solicitor check of the contract. We were totally in love with this semi, despite it having a total land size of only 113m2, toilet, bathroom and laundry (all original and OUTSIDE) and no 
room to swing a cat (or even a little baby kitten). To top it off it was heritage listed and needed a total renovation! But as everyone tells you it is all about Location, Location, Location… and this semi was in the perfect location. 5 minutes walk to Erskineville and King Street cafes and bars, close to the station and close to work. What more could we ask for?
Despite the agent suggesting the property would go for around $570,000, having looked at over a hundred properties in the area we knew it was going to be more in the range of mid 600’s. The agent also had a reputation of under quoting the property price by at least $80,000.
Auction Day: We have all our family and friends there to support us and to hopefully celebrate afterwards. Months of looking at properties culminated in a 15 minute auction with 15 registered bidders. My sister who is a real estate agent was going to bid on our behalf until on the day she comes down ill and is missing in action.
Bidding: I decide to do the bidding. Well really, who else was going to do it…my husband , no chance, he was more nervous than me, my dad, no way, because he liked the property so much he wanted me to bid over my limit – so there was no way I was giving him the bidders card! Everyone had given me their bidding tactics but I ended up waiting till the last possible moment before putting in a bid. The hammer had almost been slammed down 5 times before I put in my first bid. My husband told me afterwards that he was terrified that we were going to miss out on the property even when it was within our budget. My heart was absolutely pounding. Dad, also a real estate agent was thankfully standing next to me, whispering “wait Nadine, not yet Nadine.”
Bidding slowed right down…it was still under my limit, but only just. The auctioneer was about to knock it down, it was the third strike and I put my hand up, I was so nervous I lost my bidders card and the auctioneer waited till I found it. My legs and hands were physically shaking. Silence…. No more bids… could it be… was I about to buy this property at my very first auction and with my very first bid? I don’t know if I was more nervous that I was about to buy a property and with it a hideous burden of debt for the next 30 years or that I might miss out if someone else was going to bid.
Then came the waiting game. It seemed like an eternity! Going once… to the lady who has only made one bid for this property… going twice……….…..seriously just drop the hammer already!!!! I want this property! But no, another hand popped up with a bid increase of $500, I return with another $1000 but that is already over my limit so I feel physically sick and feel like a cartoon character whose heart is literally popping out of its chest. I know the other bidder is also at his limit but on the third strike they go another $500 and I just can’t go any higher.
Post Auction Depression: Sadly I had to admit defeat and we lost the property. So at the drop of the hammer the property and our Newtown lifestyle dream was smashed and was only $2500 out of our reach… heartbreaking! We were devastated and not looking forward to going through this process all over again when we find something else. We were gutted.
What is really scary about the current real estate market is that in December a bigger, renovated semi in the same street sold for $640,000. “Our house” sold for $652,500 only 3 months later and it was smaller and completely unrenovated. Real estate is out of control.
We can’t save fast enough to keep up with the escalating prices. Today 3 weeks later, we are going to another auction. We have changed postcodes but are still looking at buying “A Renovator’s Dream” house because that is all we can afford. Fingers crossed.
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