FREQUENTLY ASKED QUESTIONS
WHAT ARE THE DIFFERENT WAYS TO BUY/SELL A HOME?
There are usually FOUR ways to buy/sell real estate in Australia
​
Private treaty - when the vendor, or home owner sets the price they would like to sell their property for and their real estate agent negotiates individually with prospective buyers to achieve a sale as close to this price as possible.
Auction - which is a public sale conducted by a licensed auctioneer. Properties are offered up for bid and if the reserve price is reached the property is sold to the highest bidder
Tender and Expression of Interest are processes wherein you submit a single offer, usually accompanied by a 5 or 10 per cent deposit, and it is accepted or rejected by the vendor
WHAT ARE THE COSTS OF BUYING A PROPERTY?
Deposit - usually 5%-20% of the home’s overall price/value
Stamp Duty - differs in each state
Lenders mortgage insurance if you borrow more than 80% of the property purchase price ( In some case could be 70% )
Building insurance
Legal cost such as lawyers or conveyancers
Building, pest and strata inspections
Council rates and strata fees
Moving costs
WHAT RESEARCH SHOULD I DO BEFORE BUYING/SELLINGÂ A HOME?
Doing due diligence on the property market gives you important understanding of what is the current market is and where you can buy, and how much it will cost.
​
Local Gurus Tailored Comparative Market Report provides a regional snapshot of the property market
Australian Property Monitors and CoreLogic RP Data are excellent online providers of property data and information.
Websites like realestate.com.au etc will show you what is on the market.
Talk to your Local Gurus Property Advisors as they have a depth of knowledge on the local market.
WHAT HAPPENS ON AUCTION DAY?
On auction day if you are wanting to bid, you must register in the bidders record and you will receive a bidders number that you will use when bidding.
The auctioneer will outline all rules before the bidding begins, including their obligation to refuse bids after the hammer falls, to arbitrate bid disputes and also to refuse bids that come from those who have not registered for the auction. There may be more specifics depending on where the auction takes place, so check the rulings and listen carefully to the auctioneer. If you are the successful bidder and the property sells to you, you are required to sign the contract immediately and pay a 10% deposit. There is no cooling off period if you buy at auction.