The First Home Guidebook

In this episode, I unpack the murky (and often maddening) world of underquoting in Victoria—what it is, why it happens, and how you can protect yourself as a buyer. With over 13 years experience as a buyer’s agent, I’ve seen just how widespread and frustrating this issue is, and I’m breaking down not just the rules, but the real-world implications, examples, and strategies you need to know. 🔍 WHAT I COVER: * What underquoting actually is (according to Consumer Affairs Victoria) * The 3 rules agents must follow when quoting a price * Why Statement of Information pricing isn't always trustworthy * Real examples of dodgy quoting practices * Why some agents are “technically” following the rules but still misleading buyers * How agents can use old or non-comparable sales to justify low quotes * The grey areas where the law is hard to enforce * What changes trigger a quote range update—and why that rarely happens * Why you shouldn't assume all agents (or quote ranges) are dodgy * Tips for decoding quote ranges before wasting time or money * The uncomfortable truth: underquoting works (and that’s why it persists) * The conflict agents face when trying to be ethical in an unethical environment 💡 KEY TAKEAWAYS: ✅ Underquoting is illegal, but hard to prove ✅ The Statement of Information can be manipulated—do your own comparable sales analysis ✅ If a vendor has rejected an offer based on price, the quote range must be updated ✅ If rejected based on terms, it doesn’t mean they have to update the quote range ✅ If the vendor won’t consider pre-auction offers, the agent isn’t required to pass yours on ✅ Ask smart questions like: > “Can I confirm the top of the range would buy the property, assuming terms are acceptable?” 🛠️ WHAT YOU CAN DO: ✅ DO: * Educate yourself on comparable sales * Learn what legislation agents must follow * Don’t be afraid to ask direct but polite pricing questions * Track what properties are selling for, not just what they're quoted at * Know your market and monitor sale trends 🚫 DON’T: * Assume all agents are doing the wrong thing (but don’t take them at face value either) * Start a fight with an agent during the negotiation phase—it can backfire * Waste money on building inspections without clarity on the vendor’s expectations 🧠 FINAL THOUGHTS: There’s no perfect solution to underquoting. It’s an issue of compliance, competition, and at times—plain old bad behaviour. But as a buyer, you’re not powerless. Knowledge is your best defence. And remember my motto: Never let a bad agent, or a bad vendor, come between you and a good property. 🔗 RESOURCES: * Consumer Affairs Victoria – Underquoting [https://www.consumer.vic.gov.au/housing/buying-and-selling-property/understanding-property-prices-and-underquoting-for-buyers]

Having a firm grasp on the basics is super-important whether we’re talking about personal finance or property, so even if you are a complete novice in these areas, knowing where to start is half the battle, and you are in the right place! In today’s episode, Amy is joined by property beginner Joey. They cover the important property jargon and key terms whose understanding will help you build more confidence once you head out on your property-buying journey and start talking to the people and experts in the industry. This is a perfect episode for anyone new to the world of property - or one to share with your friends, siblings, colleagues or anyone you know just getting started in their real estate journey!!

This episode isn't just about busy roads; it focuses on factors impacting livability and capital growth, particularly location. Many of my clients avoid busy roads, but some are open to them. It's a subjective decision, but buyers should be aware of the potential drawbacks. In this episode I run through - Livability Considerations: Main Road Factors: Noise, safety, pollution (air and potentially visual), getting in and out of the property, aesthetics, tram lines, speed humps. Different Levels of Busy Roads: Not all busy roads are the same. Different Times of Day: Consider how busy the road is at various times. Google Maps: Use Google Maps to understand the thickness (number of lanes) of the road. Setback from the Busy Road: Busy road but set back in the block can mitigate some issues. Public acquisition overlays (potential future road widening). Proximity (a few houses back): Topography can affect noise; near a freeway, noise can carry far. Proximity to Amenities/Disruptions: Next to a pub/shops (noise, traffic). Near industrial/commercial zoning (noise, traffic, potential odors). Train line/airport (noise). Social housing (potential for increased activity). Transmission power lines (potential health concerns, aesthetics). Blocks of vacant land/development sites (potential for future disruption). Other Considerations: Overcapitalizing: You might overcapitalize by extensively renovating a property on a main road. Discounted Properties: Bigger blocks with rundown properties on main roads might be discounted (Fairfield example: $1.1m vs. $1.7m). Growth Zoning and Main Roads: Consider growth zoning and buying near main road projects/developments (potential for future changes). Buying Near Big Road Projects/Developments: Be aware of potential disruptions during construction and long-term impact. When Buying a HOME, What's Important? Ticking Your Own Boxes: Prioritize what's important to you, but consider future capital growth. Buying at a Discount: You might get a discount on a busy road property, but it could be harder to sell and potentially at a bigger discount in softer markets. Compromise: Consider buying on a busy road or another compromise (e.g., further from the city). Key Takeaway: Sometimes, being on a busy road allows you to get into a suburb you couldn't otherwise afford, or a renovated property, or into a certain school zone. This highlights the trade-offs involved. Keen to know more? Visit www.thefirsthomeguidebook.com.au

In this episode, I share my insights on what to do if you encounter issues during a building inspection. As a buyer's agent with over a decade of experience, I’ve navigated thousands of building inspections for my clients—witnessing a wide range of issues from minor defects to major deal breakers. Why Get a Building Inspection? * Understanding the property's condition. * Identifying red flags—urgent repairs vs. long-term costs. * Building inspections as maintenance plans. Timing of Inspections * Recommended timing based on auction vs. private sale. * Importance of getting the inspection done early. Pre-Offer vs. Subject to Inspection * Pros and cons of obtaining an inspection before making an offer. * Strengthening your offer with a pre-inspection. What to Do If Issues are Found? * Identifying deal breakers and understanding report classifications. * Importance of communication with building inspectors for clarity. * Possible next steps: renegotiation, involving specialists, and managing expectations with the vendor. Negotiation Strategies * Use of inspection findings to negotiate repairs before settlement. * Proper documentation is crucial. * Risks involved with relying on verbal agreements. Extensions and Important Considerations * Requesting extensions to building inspection clauses when necessary. * Legal implications and regional differences in building inspection clauses. LINKS: Check out my FREE checklist 100 Things To Look Out For At Property Inspections here [http://thepropertyguidebook.com.au/freebie] Connect with Amy: Website: www.thefirsthomeguidebook.com.au [https://thefirsthomeguidebook.com.au/freebie] Instagram: @the.first.home.guidebook [https://www.instagram.com/the.first.home.guidebook/]

I dive into the intriguing and often misunderstood world of off-market properties. For those first home buyers who feel lost amidst the clutter of online listings, off-market properties might be the treasure trove you never knew existed. Misconception #1: Rarity * Thousands of off-market properties are available at any time. * They offer untapped opportunities for savvy buyers. Misconception #2: Bargain Myth * Off-market doesn't always mean cheaper. * Understand how the broader market influences prices. Misconception #3: Quality Concerns * Off-market properties are not inherently flawed. * Many are sold discreetly or due to seller preferences. Misconception #4: Agent Outreach * Proactiveness is key; don’t rely on agents to contact you. * Build and maintain strong relationships with agents. Misconception #5: Ease of Purchase * Off-market purchases can be complex and require due diligence. * Navigating unclear pricing and motivations can be challenging. Misconception #6: The Ultimate Solution * Treat off-market properties as an additional tool, not a catch-all solution. * Consider the holistic approach of involving a buyer’s agent. If you’re not exploring off-market options, you might be missing out on your dream home. This week, start building your agent contact list and reach out for hidden opportunities. LINKS: Check out my FREE checklist 100 Things To Look Out For At Property Inspections here [http://thepropertyguidebook.com.au/freebie] Connect with Amy: Website: www.thefirsthomeguidebook.com.au [https://thefirsthomeguidebook.com.au/freebie] Instagram: @the.first.home.guidebook [https://www.instagram.com/the.first.home.guidebook/]