Your First Home Buyer Guide Podcast

If you’re thinking about buying property in Sydney, Melbourne, or Brisbane, you’re in the right place. In this episode, we talk about the key differences between these three major Australian cities—because let’s be honest, what works in one city might be a complete disaster in another. We’re here to help you figure out where your money goes further, what’s happening in 2024, and how to avoid some of the biggest traps buyers fall into.

We have Cate Bakos joining us from Melbourne who shares what’s really happening in the Victorian market—especially after those long lockdowns and the media hype. Next up, we bring you all the latest on Brisbane’s booming market, which is moving faster than it has in years. And of course, we also cover Sydney, where even in a so-called “normal” market, there are still plenty of surprises to handle.

We know there’s no one-size-fits-all answer when it comes to the best buying strategy, so we’re giving you real, on-the-ground insights to help you make the best decision for your situation.

Episode Highlights:

00:00 - Introduction

02:54 - Who is Meighan Wells?

03:26 - Who is Cate Bakos?

04:05 - Who is Veronica Morgan?

05:41 - General Market Conditions in Melbourne

07:59 - General Market Conditions in Brisbane

18:23 - General Market Conditions in Sydney

22:21 - Is there a sweet spot for investors at the moment in Melbourne?

33:08 - Is the property market competitive in Brisbane at the moment?

39:35 - What are the most competitive price ranges and property types in Sydney

About Our Guest:

Cate Bakos, with a Chemistry degree from Monash University, transitioned from a successful career in sales and marketing with Orica to becoming an award-winning real estate professional. After purchasing her first property at 21, she moved into Melbourne’s Bayside property market, later founding Cate Bakos Property in 2014. Cate has guided over 2,000 clients through property purchases and strategies, leveraging her expertise in lending policy and cash flow analysis. A regular media commentator, Cate co-hosts “The Property Trio” podcast and authored “Successful Property Investment.” She served as REBAA President from 2019 to 2023 and continues to mentor young industry professionals.

Connect with Cate Bakos:

• Website https://www.catebakos.com.au/
• LinkedIn https://www.linkedin.com/in/catherinebakos/
• Instagram https://www.instagram.com/cate_bakos_property/

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

When you’re looking to buy a property, how can you truly tell if it has renovation potential? That’s the question we dive into in this episode. With a focus on the top six things to look for, we cover what adds value and what doesn’t, how to spot hidden costs, and which projects are best left untouched.

We start with why location is key, and why it’s something you must get right before you even think about renovations. We also break down the difference between a cosmetic facelift and a full-on renovation project, so you can figure out if you’re better off avoiding that fixer-upper. You’ll hear about the importance of good bones, solid maintenance, and why not all renovations will actually increase your property’s value.

We also deep dive into how the layout and orientation of a property can impact both livability and resale value. Plus, we touch on the importance of flow—because no one wants a home that doesn’t make sense, no matter how nice it looks. And let’s not forget those big expenses like rewiring or re-stumping. They’re essential, but we explain why they don’t always add the kind of value you might expect.

By the end of this episode, you’ll have a much clearer idea of what to look for when assessing a property’s renovation potential. So if you’re ready to dive into the nitty-gritty and avoid making costly mistakes, we’ve got you covered! Tune in for all the details.

Episode Highlights:

00:00 - Introduction

02:16 - Example of a home that you wouldn’t want to bother renovating

03:41 - The importance of location when choosing a property

08:14 - Top 6 things to look for when assessing the renovation potential of a property

08:36 - Number 1: Bones of the property/Structural soundness

11:42 - Number 2: Is it well-maintained or neglected?

17:27 - Number 3: Orientation

20:22 - Number 4: Layout

24:48 - Number 5: Ensure appropriate room proportions for the upgraded layout

28:33 - Number 6: Feasibility

30:54 - Non-value adding renovations — necessary but don’t necessarily add value

37:43 - Danger zones — things you can’t fix

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast -[email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

Buying your first home can feel like a real challenge, and if you’re feeling unsure, you’re not alone. In today's episode, we answer more questions from our Member Only Facebook group to help clear things up and guide you in the right direction.

We kick things off by tackling a big question: should you buy in your dream location now and rent it out, or wait until you’ve saved up a bigger deposit? We break down the pros and cons so you can make a decision that works for you.

Next up, we discuss home and contents insurance. We go over what you need to think about and suggest some good providers to help keep you covered.

Then we dive into whether it’s worth stretching your budget for a detached home instead of settling for a duplex, weighing the options so you can see what fits best with your plans.

Finally, we give you some handy tips on what to look for when inspecting a property. It always pays to know what to check so that you can be saved from unexpected issues later on.

Tune in to get straightforward advice and answers to help you confidently move forward with buying your first home.

Episode Highlights:

00:00 - Introduction

02:04 - Meighan’s special house of the week

03:15 - Should you buy in your dream location now and rent it out or wait for a bigger deposit?

08:58 - Top considerations for home and contents insurance and recommended providers?

13:42 - Is it worth stretching your budget for a detached home instead of buying a duplex?

17:46 - What to look for when inspecting a property

Resources mentioned in this episode:

• Your First Home Buyer Guide Podcast Episode 191: Facebook Questions Answered: What Every First Home Buyer Needs to Know https://homebuyeracademy.com.au/podcasts/191

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

For first time home buyers, understanding government grants and incentives is an important part of your home ownership journey.  BUT you should not limit your property search to fit into the criteria to qualify for one.

In this episode, we explore the various options available to help you get started. With each state offering different schemes, it can be confusing to know which ones you’re eligible for and how to apply. That’s why we’re breaking it all down for you, state by state.

Join us as we talk about these essential grants and incentives, and understand how they can impact your home-buying process. We discuss the differences in each state’s programs, what you need to qualify, and tips for managing the application process covering the latest updates and changes to these programs, so you stay informed and prepared.

Tune in to learn how to ask the right questions of your advisors so you can understand which grants and incentives you qualify for while keeping all of your options open.

Episode Highlights:

00:00 - Introduction

02:11 - Meighan’s special house of the week

04:57 - First home owner’s grant

06:04 - First home guarantee

08:05 - Family home guarantee

09:33 - State-by-state breakdown: New South Wales

14:03 - State-by-state breakdown: Victoria

16:59 - State-by-state breakdown: Queensland

19:53 - State-by-state breakdown: Australian Capital Territory

21:56 - State-by-state breakdown: Western Australia

25:10 - State-by-state breakdown: Northern Territory

Resources mentioned in this episode:

• Revenue NSW https://www.revenue.nsw.gov.au/
• State Revenue Office Victoria https://www.sro.vic.gov.au/
• Queensland Revenue Office https://qro.qld.gov.au/
• ACT Revenue Office https://www.revenue.act.gov.au/
• Revenue Online WA https://apps.osr.wa.gov.au/portal/0/home
• Northern Territory Revenue Office https://treasury.nt.gov.au/dtf/territory-revenue-office

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

Buying your first home can feel like a maze, and we get it—there are a million questions running through your head. That’s why we created our Facebook group just for first home buyers, where no question is too simple or too complex. And the questions have been pouring in!

In this episode, we answer the most common questions from our Facebook group. We start with the nitty-gritty details of what standard strata fees are and what they typically cover—because no one wants to be caught off guard by unexpected costs.

We then shift the discussion towards the importance of assembling a solid support crew, talking about how to find a reliable buyer’s agent, a thorough building and pest inspector, and a conveyancer who truly has your best interests at heart.

We also explore the dilemma of focusing on location versus opting for a property with more space. And then break down the pros and cons of securing a higher-value property with a loan compared to choosing a lower-grade one with grants.

This episode is packed with the insights you need to move forward confidently on your home-buying journey. So what are you waiting for? Let's dive right in!

Episode Highlights:

00:00 - Introduction

02:07 - Meighan’s special house of the week

03:33 - What are standard strata fees and what do they normally cover?

10:16 - How do you find a good support crew (buyer’s agent, building/pest inspector, conveyancer, etc.)?

25:22 - As a 48-year-old first home buyer, what’s more important: location or extra space?

29:16 - Is it better to secure a higher-value property with a loan or a lower-grade one with grants?

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

When you’re buying a home, the last thing you expect is for the ground beneath it to literally sink away. In this episode, we dive deep into a real-life disaster involving properties affected by sinking land, where homes began to crack and crumble due to unstable ground. How could this happen, and what should buyers learn from this nightmare scenario?

We explore the consequences of purchasing off the plan, especially in areas with new subdivisions, where the history of the land is often obscured. The land might have been leveled from farmland, hills, or filled-in dams—but without proper transparency, the buyer is left in the dark. Could something similar happen to you?

Our discussion also covers the challenges homeowners faced after the damage was discovered, including compensation complexities, demolition, and the bitter reality of living next to a demolition site. We highlight the critical importance of due diligence, particularly when buying in new estates, and how to protect yourself from similar risks.

Tune in to understand the key lessons from this case of unstable land and sinking homes, and learn how to avoid falling into a similar trap when buying property. Your dream home shouldn’t become your worst nightmare.

Episode Highlights:

00:00 - Introduction

02:14 - Meighan’s special house of the week

04:41 - Overview of the problem with over a thousand homes affected by unstable land

08:33 - The risks associated with purchasing property in newly subdivided areas or off the plan

12:17 - The dangers of not investigating property risks before purchase

19:16 - Emotional and financial toll on the residents affected by the sinking homes

22:36 - Consequences of living next to a demolition site and how it affects property value

24:00 - Protect yourself from similar risks in the future

Resources mentioned in this episode:

• Owners fear more damage to homes over bulldozing fix at 'sinking' Western Sydney suburb - ABC News https://ab.co/3WUl9OH
• Mystery over Sydney's sinking houses deepens as desperate homeowners seek answers in Glenmore Park, Box Hill and Jordan Springs https://bit.ly/3MbQoQc
• Your First Home Buyer Guide Podcast Episode 186 Buying New or Off-Plan? Your Guide to Managing the Risks https://homebuyeracademy.com.au/podcasts/186

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

Continuing from last week’s episode on Property 101, we dive deeper with Property Investment 101. In this episode, we break down the essential terms and concepts that often get overlooked, words you’ve probably heard thrown around but maybe aren’t quite sure what they really mean.

If you’ve ever found yourself confused by property jargon, this is the perfect guide to clear things up.

We talk about everything from yields to equity—stuff that might seem a bit dry but can make a massive difference when you’re making those big decisions.

Hang around 'cause we're keeping it simple and straightforward, just the way you need it. No fluff, just the essentials that’ll help you get your head around the property market. 

Cut through the jargon and feel confident and in control of your property journey! Let's dive in!

Episode Highlights:

00:00 - Introduction

02:12 - Meighan’s special house of the week

04:35 - Property is long-term

05:01 - Property investment involves buying real property

05:23 - What is rental income?

05:35 - What is rental yield?

06:07 - What is current market value?

07:39 - Definition of tenancy

07:48 - Who is the property owner?

08:05 - What are tenants?

08:18 - The property manager

08:32 - Bonds

08:59 - Minimum housing standards

10:09 - Purchasing costs

11:06 - Ongoing expenses

11:51 - Deductible expenses

12:22 - Non-deductible expenses

13:46 - Depreciation

15:27 - Capital gains

16:19 - Capital gains tax

18:48 - Negative gearing

19:19 - Positive gearing

20:17 - Return on investment

22:02 - Vacancy

22:36 - Vacancy rates

24:09 - Landlord insurance

25:47 - Negative growth

27:27 - Interest rate changes

Resources mentioned in this episode:

• Property 101: Your Guide to Mastering Property Basics https://homebuyeracademy.com.au/podcasts/188
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

Ever heard of the curse of knowledge? It's when experts forget that not everyone knows what they do. As seasoned buyer’s agents with over 45 years of combined experience, we sometimes assume that our listeners know as much as we do. And we forget that terms like LMI, equity, capital growth, and rentvesting can be really confusing for those new to property.

Today’s episode was sparked by a conversation with a good friend who recently watched a property seminar online. Despite our long friendship and frequent property discussions, he says he wished he'd learned about the fundamentals of property and leverage earlier, which made me realise that I often take for granted the fact that not everyone shares my base level of knowledge when it comes to property.

So we're correcting that by starting from scratch. Tune in as we cover the essential concepts of property without diving into the buying process, breaking down the foundational elements of property in a simple and accessible way. This episode is perfect for anyone — first home buyers, school-age kids, or just about anyone who’s curious about property basics. Let’s dive in!

Episode Highlights:

00:00 - Introduction

03:35 - You can live in a house that you own or a house that someone else owns

04:16 - You can buy a property to live in or an investment property that someone else lives in

05:07 - You can borrow money to buy a property

06:17 - When you borrow money, the lender uses the property as security

07:23 - Lenders will not lend the full purchase price of the property

08:21 - There are other costs that you have to pay for (stamp duty, legal fees, etc.)

10:59 - The difference between what the property is worth and the amount you owe the lender is called the equity

11:49 - Each lender has their own policies about who they’ll lend to and how much they will lend

13:16 - Each lender has different policies about how much they’ll lend for different types of properties

14:58 - There is no set price for a property

15:58 - Your choice of property purchase has the biggest impact on whether the value increases/decreases

16:39 - How compound growth applies to property

19:32 - A property’s value can go up and then down

20:27 - If the value goes up, it’s called capital growth – if the value goes down, it’s negative growth

20:58 - Equity is calculated as the difference between the current value of a property and the remaining loan balance owed to the lender

21:44 - If the value goes down and you owe the lender more than the property is worth, it's called negative equity

22:45 - You can use the equity in your property to borrow more money to purchase another property

24:39 - Some people buy and sell in less than five years

26:18 - Long term, people can use property as a way to build wealth

Resources mentioned in this episode:

• Your First Home Buyer Guide Podcast Episode 141: Why Lender’s Mortgage Insurance Isn’t Always a Bad Choice https://homebuyeracademy.com.au/podcasts/141

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

Imagine buying your first home, doing everything right to avoid mistakes, and then finding out it's so termite-infested with LIVE termites it needs to be demolished. This is indeed a nightmare, but could this have been avoided?

In this episode, we dive into the tragic story of a young couple who faced this exact situation, and we discuss the steps you can take to prevent such a disaster.

So, in the story, this particular couple hired a building and pest inspector, but still ended up with a house that had to be demolished due to severe termite damage.

Today, we explain the role of a building and pest inspector, the importance of thermal imaging technology, and why it’s crucial to insist on seeing evidence from these inspections. We also talk about the variations in seller disclosure laws across different states and why you can’t always rely on sellers or agents to disclose everything.

Join us to learn the preventative measures and expert tips that can save you from a similar fate. Stay tuned and let’s explore together!

Episode Highlights:

00:00 - Introduction

02:24 - What termite damage looks like in the rafters of a roof

03:13 - The story of the couple who bought a two-storey home riddled with LIVE termites

07:27 - The importance of a building inspector in property purchases

09:51 - Reasons why the purchase pushed through despite awareness of property damage

15:10 - Dealing with vendor disclosure in areas where the disclosure requirements are limited 

17:01 - Some tips on finding a reliable building inspector

19:45 - What are the risks of performing due diligence after signing a contract in Queensland?

21:42 - How will Queensland's new vendor disclosure laws impact property sellers?

23:28 - Lessons to learn from a real-life case of undisclosed termite damage

Resources mentioned in this episode:

• Gold Coast family say seller disclosure laws could have stopped them buying termite-damaged home https://www.abc.net.au/news/2024-04-06/gold-coast-family-termite-damaged-home-qld-new-property-laws/103638508

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

Are you considering buying new or off-plan? This episode is your ultimate guide to managing the risks.

First home buyers face numerous decisions, and one of the most critical is choosing between new or established properties. Today, we dive deep into the good, the bad, and the ugly with our special guest, Cate Bakos, who has written the ultimate guide to the risks of buying brand new or off-plan properties.

Cate helps us understand the complexities of buying new or off-the-plan properties and talks about the importance of understanding terms like "sunset clauses", understanding the differences between titled and untitled properties, and many more.

So whether you're enticed by the sleek marketing of new developments or the potential savings in stamp duty, it's essential to be aware of the hidden risks and ensure you're making the best choice for your financial future. Tune in and let’s get started!

Episode Highlights:

00:00 - Introduction

02:11 - Meighan’s special house of the week

03:25 - Who is Cate Bakos?

05:36 - Understanding Off-Plan

09:49 - Risks and uncertainties associated with buying property off-the-plan

13:01 - Reasons why first home buyers choose to buy off-the-plan

17:22 - The risks of underperformance for properties off-the-plan

19:01 - What first home buyers should know about the costs of off-the-plan properties?

23:36 - Deceptive practices in off-the-plan sales of apartments and large subdivisions

29:11 - What issues might buyers face with variations in off-the-plan property contracts?

35:06 - Key factors to consider when researching developers for off-the-plan purchases

40:11 - There’s no negotiation on off-the-plan properties

43:07 - Additional reasons why off-the-plan properties are not the best choice

46:57 - A few advantages of buying off-the-plan

49:38 - What Cate Bakos wishes she knew as a first home buyer

About Our Guest:

Cate Bakos, with a Chemistry degree from Monash University, transitioned from a successful career in sales and marketing with Orica to becoming an award-winning real estate professional. After purchasing her first property at 21, she moved into Melbourne’s Bayside property market, later founding Cate Bakos Property in 2014. Cate has guided over 2,000 clients through property purchases and strategies, leveraging her expertise in lending policy and cashflow analysis. A regular media commentator, Cate co-hosts “The Property Trio” podcast and authored “Successful Property Investment.” She served as REBAA President from 2019 to 2023 and continues to mentor young industry professionals.

Connect with Cate Bakos:

• Website https://www.catebakos.com.au/
• LinkedIn https://www.linkedin.com/in/catherinebakos/
• Instagram https://www.instagram.com/cate_bakos_property/

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.