The property game! Trust who? Errrr

I have been shopping around for properties in Sydney lately. However, most of them I looked through internet. Just few weeks ago, I have marked down a few which I like to view. After all, you can't shop and buy for property through internet.

I went to 2 open house. One unit in a great suburb but the unit was 30 years old and too much maintenance if I buy it. Then I went to another suburb which was further away from city. Then I found I like it, mainly how the current tenant arrange her stuffs make it really homely and comfortable.

See it for yourself :

http://www.domain.com.au/Property/For-Sale/Apartment/NSW/Pennant-Hills/?adid=2008403346

Then just this wee, we need to put a price to bid. The offer is starting at 300K AUD, however, I put 299K AUD. Then next day, the agent called me and told me my bid is lower then the others. He refused to tell me what other bids, because the game is who is the highest bidder will win. Immediately, I went to the internet, and looked around the last sale around the area. I found the same size same area but different block sold at 290K AUD in May 2009, slightly more than a year. The most I thought I will give is 10% which is my last offer. I went in again with 310K AUD. Later of the day, the agent rang, and he told me I got it, however, if I decided to give up, there was another person who is very close to my deal is ready to take it up. (Well another mind game!).

After thinking about it, I think the price is quite right for me. I do not wish to put in my entire savings, or paying mortgages later. I will go by what I can afford. I know some will take risks, they will buy the more expensive ones and sell it later. However, I am not interested in such games at the moment. The economy is still fragile, people are pushing prices up to make as much as they can. I do not wish to become a contributor to this. The victim eventually is myself and nobody else.

So I called up the agent, told him I was interested, and I asked him any structural problems, record of break in or bad neighborhood and etc. He said nothing like this before. But what can I do but to trust his feedback. I tried to dig news around the area, and the only negative finding was the main road outside the block is super busy and traffic can be bad. However, I plan to take train which is 10 minutes walk from the unit, so it works out well.

Anyway, I am in the midst of getting a bank loan and hired a solicitor to go through the Contract of Sale. Hopefully, everything will be done soon.