Just made an offer!

[wobbycarly]

Agree that while the way Happy got to $265 (up from a suggestion from REA of $260 ) was a bit strange, I still think that the win/win concept (loosely) applies.

To repay $5000 over 30 years @ 7.41% pa is abouk $12k.

 

[steveadl]

Congratulations Happy, first one under your belt!

 

[Rob Williams]

Now i can understand that personal circumstances play a pivotal role in the decision making process of some buyers, but this to me is just giving money away for no good reason.

Not sure what's happening elsewhere, but the Adelaide market is going nuts in this price bracket and a few others.
While it may seem like giving money away for no good reason, I can understand why someone wanting a PPOR might want to invest the extra $5k if it gave them some sense of surety that the deal would be closed.
It's very hard to find anything decent in the sub $350k bracket and for those PPOR buyers who find a place they really like, then have it pulled out from under them by someone coming in at the last minute with an extra $5k, the experience can be very upsetting.
From a purely emotional point of view, the strategy does make some sense.

 

[Jen_PFR]

We had to do something similar at the end of 2005, when the Perth RE market was going nuts. We ended up offering very close to the vendors' asking price, to secure our PPoR which ticked all our previously identified boxes.

Four and a half years on, we still don't regret the purchase price. The area has had fantastic growth, it's exactly where we want to live, and so we've been able to buy four IPs in that time (using our equity) plus our lifestyle has been just what we would have wanted, in terms of the property location, etc.

As an aside, our four IPs were very much bought from a perspective of 'there's a bargain every week' and so we got all of them for very competitive prices. Our PPoR is the only one where we paid anything close to the asking price. But we still think it was worth it

 

[Big Mike]

Congratulations!!!

 

[happy]

Thanks for all your well wishes guys!

 

[Lamingtons]

Congrats Happy.. I also paid "more" when I bought my PPOR and cannot find anything equivalent in the market these days.
Hope you share pics soon!