The First Home Guidebook

I’m joined by buyer’s advocate Dion Marsden to talk through the recent Victorian real estate rule changes requiring auction and fixed-date sale reserve prices to be published seven days before sale, introduced to curb underquoting. We explain what underquoting is, why it happens, and the scenarios buyers often confuse it with. We discuss practical problems and grey areas: reserves can change during an auction, reserves aren’t legally enforceable, and Consumer Affairs/REIV guidance is unclear, leaving agents and buyers confused. We cover unintended impacts on private sales, deadlines, boardroom auctions, and pre-auction offers, which can reduce transparency. Throughout, we share buyer tactics: ask detailed questions about process, vendor motivations, competition, and how offers will be handled, so you don’t get caught out by unclear rules or shifting expectations.CHAPTER MARKERS00:00 Introduction02:30 Why Underquoting Happens05:57 Types of Underquoting Explained07:39 New Reserve Disclosure Rules10:41 Loopholes and Enforcement Confusion15:11 Private Sales Caught Up17:09 Questions Buyers Must Ask18:46 Offer Process Confusion20:47 Confirm Terms in Writing23:12 Reserve Price Reality24:28 Seven Day Rule Problems29:15 Pre-Auction Flexibility Lost30:43 Rejecting Offers on Process34:01 Rollout Confusion Wrap UpLINKS:Connect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebookConnect with Dion:https://marsdenbuyersagents.com.au/

In today’s episode, I'm unpacking a very common question:Should you try to buy a property before auction – or just wait for auction day?Many buyers assume auctions are always intense and expensive. But that’s not always the case – and in some scenarios, making a pre-auction offer can give you the edge. That said, it can also backfire if you don’t ask the right questions or understand how the process really works.🏠 What You'll Learn:Why auctions aren’t always competitive or scaryWhen a pre-auction offer can give you a major advantageWhy some vendors prefer to sell early (and when that works in your favour)Why not every property can be sold before auction (think: deceased estates, mortgagee sales, or vendor instructions)How a pre-auction offer differs from a regular offer – and what risks are involved for buyers and agentsWhat to ask the agent before making an offerThree common offer scenarios (and which ones might trap you):1. A brought-forward auction2. A semi-transparent multi-buyer process3. A sudden “best and highest” deadlineWhy putting your best foot forward too soon could backfire on auction day💡 Key Takeaway:Pre-auction offers can be smart – but only when you’ve done the work upfront. And if the vendor’s expectations are too high or the process feels murky, sometimes auction day is actually your best bet.LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @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 priceWhy Statement of Information pricing isn't always trustworthyReal examples of dodgy quoting practicesWhy some agents are “technically” following the rules but still misleading buyersHow agents can use old or non-comparable sales to justify low quotesThe grey areas where the law is hard to enforceWhat changes trigger a quote range update—and why that rarely happensWhy you shouldn't assume all agents (or quote ranges) are dodgyTips for decoding quote ranges before wasting time or moneyThe 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 salesLearn what legislation agents must followDon’t be afraid to ask direct but polite pricing questionsTrack what properties are selling for, not just what they're quoted atKnow 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 backfireWaste 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

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 InspectionsRecommended timing based on auction vs. private sale.Importance of getting the inspection done early.Pre-Offer vs. Subject to InspectionPros 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 StrategiesUse of inspection findings to negotiate repairs before settlement.Proper documentation is crucial.Risks involved with relying on verbal agreements.Extensions and Important ConsiderationsRequesting 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 hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @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: RarityThousands of off-market properties are available at any time.They offer untapped opportunities for savvy buyers.Misconception #2: Bargain MythOff-market doesn't always mean cheaper.Understand how the broader market influences prices.Misconception #3: Quality ConcernsOff-market properties are not inherently flawed.Many are sold discreetly or due to seller preferences.Misconception #4: Agent OutreachProactiveness is key; don’t rely on agents to contact you.Build and maintain strong relationships with agents.Misconception #5: Ease of PurchaseOff-market purchases can be complex and require due diligence.Navigating unclear pricing and motivations can be challenging.Misconception #6: The Ultimate SolutionTreat 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 hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook

Thinking about buying your first home but not sure where to start? In this episode, I’m sharing a 10-step action plan to help you get prepared before jumping into the property market. From speaking with a mortgage broker to crafting a solid property strategy, researching the market, and accessing off-market opportunities, I’ll walk you through everything you need to know to set yourself up for success.What You’ll Learn:✅ Why speaking to a mortgage broker should be your first step✅ How the First Home Super Saver Scheme can help boost your deposit✅ The importance of “pretending” to have a mortgage before you buy✅ Why a binding financial agreement is crucial if you’re buying with someone else✅ How to develop a strong property strategy (your why, when, what & how)✅ The best ways to research the market and stress-test your property brief✅ The value of inspecting as many properties as possible before buying✅ Why a buyer’s advocate can help you make a smarter purchase✅ How to access off-market properties and connect with local real estate agents✅ Why having the right team—conveyancer, mortgage broker, and property experts—makes all the differenceLINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auBuyers Advocacy: www.amylunardi.com.au Instagram: @the.first.home.guidebook

Are you on the hunt for the perfect property, but find yourself missing out on the ones you love? Or perhaps you’re lacking the confidence to begin making offers in the first place. Today, I’m taking you through the different ways you can overcome the challenges preventing you from finding success on your property buying journey. First things first: there is no rush to buy property, and certainly no rule saying you must buy within a certain timeframe. However, if you've been at it for over a year or even longer without much progress, it may be time to rethink your approach.So how do you change your strategy when it comes to searching for your first home? I discuss the importance of identifying the issues that are keeping you stuck in no man’s land, and encourage you to ask yourself questions in order to get to the bottom of things. Is your property brief clear and achievable? Are you adjusting your expectations and budget as the market changes? Are you being as proactive in researching or attending inspections as you possibly can be? While there are elements in the property market that are outside of your control, I take you through the different ways of thinking that will help you readjust and make the best of what you can control. I discuss the average timeframe for successfully buying a property, and guide you on what you can do to close the gap so that you’re not left wandering the market indefinitely. Cracking the property market isn’t impossible, but it does require a strategy, adaptability and a good amount of preparation. There are many free resources out there to provide you with the knowledge you need, and will give you the confidence to make better decisions that lead to better results. And remember, buyers advocates like myself are just a phone call away, if professional guidance is what you’re really after! LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook

Can you trust real estate agents? It’s the question on many first home buyers' lips and certainly one worth discussing. Real estate agents are often put in the same mistrusted category as politicians and used car salesmen, and although many of them are genuinely good people who want to help you find your dream home, it’s important to do your due diligence when entering the real estate game. The catch lies in the commission-based nature of the industry, where some agents may resort to questionable tactics to secure a sale. So in this episode, I’m highlighting the need for caution and self-reliance in your property search and uncovering some valuable insights that every homebuyer and property investor should know. Real estate agents deal with property transactions daily and possess valuable insights. In contrast, first-time homebuyers often lack the knowledge and experience to match. This information gap can breed mistrust, especially when things don't go as planned during property transactions. It's crucial to remember that clarity in communication and asking the right questions can bridge this gap and set clear expectations.If an agent misleads or makes a mistake, the consequences might only surface after you've missed out on a property. So to make sure you’re protected, it's essential to educate yourself from the beginning and ask probing questions to avoid such situations. When it comes to knowing if you can trust real estate agents, the answer is nuanced. While you can rely on agents for information related to the selling process, such as offer timing, vendor expectations, and contract details, the responsibility for due diligence ultimately falls on your shoulders. That’s why it’s so important to get an independent contract review, research property value, check council restrictions, and consult with your financial advisor for a comprehensive understanding on what you’re about to enter into. Real estate agents can provide valuable insights, but never solely rely on them for critical decisions.LINKS:Check out my FREE checklist 100 Things To Look Out For At Property Inspections hereConnect with Amy:Website: www.thefirsthomeguidebook.com.auInstagram: @the.first.home.guidebook