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Great. Thanks for your help. I'll report back after all is finished with details for any other newbies who may be interested in reading.

Thank you Jacque for the reply. Would you say its normal to further negotiate the price after the pest and building inspection?

Hello everyone. My wife and I decided to look for our first investment property. We chose the Western suburbs of Sydney. I found a place that appears to generate sufficient rent and a tenant who is willing to stay. So after looking at the property I spoke to the agent and asked for about 5%...