Can you believe it's almost Autumn?

Time waits for no man, so they say. And the last year is proof!  So I thought it must be time to write some more updates on what’s been happening on the Fraser Coast.

If you’ve been watching the market and perhaps even trying to get a foot in the door over the last 6 months, you’ll know how much things have changed! One thing that stands out (apart from how the prices have jumped) is how many people have resorted to buying sight unseen in fear of missing out. It’s a lot like buying a car from a dealer, in the ad the car is all shiny, it looks almost new! The advertising tells you how marvelous it is and how much you will enjoy driving it. 

You know you can pay RACQ or a mechanic to look over the car first, but it seems like a waste of money, everyone knows their service is designed to suck you in and rip you off. What could they possibly tell you that you can’t see for yourself? You’re no dummy, you can spot an oil leak and bald tyres on your own. Right? So you buy that shiny car and you feel marvelous driving it home.

But then you find out they put “stop leak” in the radiator and the tyres are retreads (you would have noticed if you weren’t marveling over how good the stereo was) and the leather upholstery which looked so good… well it turns out they painted it, and not too well else it wouldn’t be sticking to the back of your thighs!

Now all these things add up, and while you thought you had a good deal, you now think you overpaid; and you certainly didn’t budget to fix all these things. And how much was it going to cost to get RACQ to check the car first?

What’s happening in the property market is just like this times 1000. You are paying hundreds of thousands of dollars, it’s an investment that’s meant to bring you joy and take care of you over time. I feel gutted for people who are buying sight unseen, not only that but some are waiving the Building & Pest report so they can be un-conditional and secure the property! Eeek

Here’s a few scary stories that have happened lately:

One property sold for $100,000 over asking price to a Kiwi he said he didn’t care, it was worth it to make sure no one could out bid him!

Another property went $75,000 over asking, cash buyer, sight unseen. They didn’t know that the painted brick exterior only went 3/4 of the way around the house!

Another property had a “lipstick” renovation and was definitely well over priced. On inspection it showed some really dodgy finishes but it looked good in the photos though. Imagine what else was wrong? Yet it sold over the already crazy asking price!

Another property was described in such glowing terms you would think it was pretty much perfect. The buyer didn’t know that the “amazing” bathroom was super small, the kitchen was tiny, there were several additions which created different floor levels and the laundry… well I wouldn’t want to do washing for a family in there… and the price? Ridiculous. 

Then there’s the one where an interstate buyer waived the building and pest, when he arrived to look at his new property he found termite damage in the garage that had been concealed during the video walkthrough.

And don’t forget the freshly renovated property that looked awesome, however investigation showed that the street had 4 Govt housing properties, one being right next door and 3 properties in the street were up for sale! That would have been a nice surprise.

And lastly, there’s the property (like so many) presented really well in photos, and it was given it a really nice write up. The price went up about $100,000 from when they tried to sell it last year! It was bought sight unseen from interstate, the new owners are pretty disappointed as there is so much work that needs doing, and a few months later it is back on the market. They have added another $100,000 for the next unsuspecting buyer!

Most of us think that if a property is listed at a certain price, the agent has done their research and the price (which we expect to be a little high) is justified. But the current market is called “name your price”. I recently heard someone ask “could you really pay too much in this market?”.

Ummm, yes, you can. And when you do, and things go wrong, it will ruin your life.

Now I know it’s hard, when the fear of losing out grips you, you just want to do whatever it takes. And there is something to be said for the relief you feel when you finally “win” your property. But be smart, protect yourself.

When that “Stop Leak” dissolves, your leaking radiator will leave you stranded on the side of a lonely road, and the relief you felt for finally getting your shiny new car will dissolve faster than the steam coming out from under the hood!