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Thank you so much for all your replies. Very helpful indeed. We ended up having a few back and forth counter offers and settled on an acceptance of slightly less than 5% more than the original asking price. I think everyone was happy with that. We have entered cooling off now, so we are...

As previously mentioned, thanks for the replies. We're ready to go, and like the place so are going to offer 5% over the asking with another 5% room to move. Will update on progress. Arghhhhh!

What does this mean to you? How would you personally negotiate? We left the inner Sydney PPOR search to move into a rental and settle down for a while. Rental property is now on the market (unfortunately out of our budget), so we have resumed our search. Saw a great property today that is...