Some moments in life are truly monumental, and for most of us the day we buy a home is a defining day, especially if it’s our first one.
So many of our dreams and aspirations are tied up in the bricks and mortar of our homes – even more so when we commit to buying a home with someone we love.
With so much pinned on the home buying process, it’s unsurprising that auctions are often loaded with expectation and emotion.
The buying process is far from boring, and realestate.com.au in partnership with CUA follow all the highs and lows of the process in this Auction Mornings series.
Meet the young couple
Our third auction hopefuls are Jordan and Lucy, an engaged couple in their twenties who are new to the buyers’ journey and looking to buy their very first home together.
With their hearts set on living in a suburb offering a great lifestyle, lively cafe culture, plenty of outdoor space and a laid-back vibe, the pair set their sights on Abbotsford in Melbourne.
“We love the area and have been renting here ever since we moved from New Zealand. We would love the chance to stay so close to the city in an area we have come to call home,” says Lucy.
Having rented in Abbotsford for close to three years, the couple monitored the suburb’s median price and compared recent sales to determine which houses would end up in their price range.
The dream home
The eye-catching facade makes an instant impression. 193 Vere Street, Abbotsford. Picture: realestate.com.au/sold
Set on a quiet, tree-lined street in the sought-after suburb in Melbourne’s city fringe, 193 Vere Street, Abbotsford is a prime example of the charming brick period houses Victoria is renowned for. The two-bedroom property has also been beautifully renovated.
Inside, the home is spacious, well designed and flooded with plenty of natural light. Bright, breezy rooms flow seamlessly from one to the other, culminating in a kitchen/dining area which spills out onto a welcoming outdoor area.
“We’re looking for a family home with some room to grow our household, but would also love to live as close to the city and our friends and family as possible. This house just ticks all those boxes,” says Lucy.
Original features such as high ceilings complete with cornicing, polished wooden floorboards and fireplaces lend the home an elegant look, while the contemporary decor and open-plan living areas ensure the house is suited to modern-day living.
Abbotsford farmers’ market. Picture: realestate.com.au
The suburb
Known for its lively cafe culture, this popular inner-city suburb blends converted factories with period classics and industrial architecture with beautiful natural scenery.
Abbotsford has an artsy, alternative vibe and is a hit with young families and creatives. The convent has been converted into a series of art workshops, studios and eateries.
Not only that, the Yarra River winds right the way through Abbotsford, so there’s plenty of green space, wildlife and picturesque creek trails and walks.
“Abbotsford offers a great lifestyle and some fantastic properties,” says Andrew Cotty, agent and auctioneer from Biggin & Scott, Richmond.
“Unsurprisingly, it’s getting more and more popular.”
“Johnson Street is having a resurgence, with lots of cool cafes and bars opening up all the time, and properties here are well priced compared to other suburbs located so close to the CBD,” he adds.
The median price in Abbotsford for a two-bedroom house is currently $1,220,000.
The auction
With loan pre-approval received just days earlier, the couple’s strategy on auction day was to bide their time before raising their hand.
They agreed that $1,100,000 was going to be their top bid.
“We were very conservative going in on the day. We wanted to get a feel for how the auction would play out,’ explains Lucy.
Unfortunately, while Jordan and Lucy were easing into proceedings, the auction took off, exceeding their limit within a handful of bids.
“In the end we realised we weren’t comfortable bidding at this early stage in our property journey,” admits Lucy.
“This is the first auction we were attending and was in itself part of the preparation for our journey to buy our dream home,” she says.
In terms of Jordan and Lucy’s bidding strategy, agent and auctioneer Andrew Cotty says appearance is everything.
“My tips for unsuccessful bidders is to go hard, particularly in this market as it’s strong and buoyant. I think it’s confidence, if you appear to be confident it will set you on the right path,” advises Andrew.
It’s valuable experience Jordan and Lucy will take with them as they continue their property journey.
“We are going to keep on researching the property market, attending auctions, and potentially look at moving slightly further from the city to find a home where we will have a bit more space for our budget,” says Lucy.
The couple showed admirable restraint. Auctions are the perfect setting for getting carried away and getting into a bidding war you may not be able to afford isn’t a good idea.
Don’t be pressured into bidding beyond your budget, advises CUA. It’s the auctioneer’s job to achieve the highest sale price possible, but if you’re not comfortable making another bid, then don’t. Be prepared to walk away.
If you’re looking to upsize, downsize, or buy for the very first time, make a good move and speak with CUA today.
This article was originally published on
20 Oct 2017 at 12:11pm
but has been regularly updated to keep the information current.