Melbourne Real Estate Auctions: Costly Mistakes Buyers Make and How to Avoid Them
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What is the current state of the Melbourne real estate market?
It's the Real Estate Podcast brought to you by ANZ Home Loans for financial well-beings. Hey, it's your real estate breakfast back for the weekend. Yes, breaking down for you the Aussie property market. Got another busy Saturday morning property show coming up. And are you going for it this weekend with real estate options across Australia? You know, you've seen a property, you like it, you love it maybe, and you're going back for a second or third visit. Now, I generally know straight away when I see a property whether or not I'm going to buy it. And because I'm a solo, yes, without needing the permission for sign-off from the other half, My decisions are much faster and generally much different to somebody that's got a partner.
But I do feel for people who love something, you know, they fall in love with it. And either the hubby or the wife says, no. I'm just not convinced. We've heard that before, haven't we, if we're married. Sometimes that ends in divorce, believe it or not. Gee, that escalated very fast. But if you are in that situation and maybe you've had the knockback, let us know. We'd love to know your story. If you're a new listener too, welcome to the podcast. A lot of catching up to do if you are a new listener. We have over 1500 real estate property podcasts on the Australian property market.
How do personal relationships affect property buying decisions?
So there's lots to keep you engaged. It is a Saturday morning, as mentioned. Can you believe it? Today is the last day of February. Let's go to Melbourne and catch up with Kevin Choksi from Ray White. And good morning to you, Kevin. Welcome on to the Real Estate Breakfast. Yeah, is that something that you can relate to? Because you mentioned to me off air that you're a married guy. So there's two people making a decision when buying your property.
Truthfully speaking, there's only one person to make a decision, and that's my wife.
But you will see this all the time, right, where you think, I've got a sale here. This is a done deal. And only to learn later that either the husband or the wife is saying, I love it, but my spouse hates it.
It happened last week at a property. The husband loved it. His family loved it. He brought his parents as well. The wife wasn't sure they came to the auction. Fortunately for them, it ended up passing in and they did place an offer after, but she decided she doesn't want the property and they ended up pulling out of it. So yes, it does happen. But I think when you do this long enough, you sort of understand that both partners have to agree, especially the female. I think generally, I find if they're a married couple, the females are typically the key decision makers in that instance, as far as properties are concerned.
So if you want to be the key decision maker, don't get married is what Kevin is saying. And just from a timing perspective, because this would take longer. I mean, it's something that I haven't really talked about on the podcast before. From a real estate agent's point of view, if you're dealing with somebody solo like me that looks at the property once and says, Kevin, draw up the paperwork versus two decision makers. So it will Absolutely.
Two decision makers normally leads to more decision makers because when there's a husband and a wife or a couple involved, sometimes they might want their family to come and have a look as well. There's more opinions because there's more people. And it's generally when they're buying as a couple in a lot of cases, if they have kids, it's a lot long-term permanent decision as well. So that can slow down the process a fair bit.
Maybe when you get in touch with a real estate agent, say, just letting you know we're married, we're a married couple. It might take a little longer. All right. Now, entry-level house prices nationally, as we know, have surged 68% in five years from domain. We've talked about the wage growth is less than a third of that pace. Melbourne is one of the few relatively bright spots across the country. Growth has been more moderate, meaning deposit timelines are shorter than Brisbane and Sydney.
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