“Hot Property – Bidding Wars” DVD review

by Chris Lang on August 10, 2011

Hot Property Bidding Wars I’ve just finished watching the “Hot Property Bidding Wars”. It’s a new DVD with 8 episodes of this show, hosted by Michael Caton (you may remember him from the movie “The Castle” ).

Personally, I found it fun to watch, and educational in a way. This DVD takes you “behind the scenes” of many property auctions. They covered almost all the major cities – Sydney, Melbourne, Adelaide, Brisbane, Perth, in every city there was at least one auction shown, so you will probably find some suburbs that you know in the episodes.

The really entertaining part of it was watching the various vendors with their reasons to sell, and also their decisions on what to sell for. Some based the price they wanted to achieve on their next house price (so they can afford it), not on what’s realistic to achieve in the current property market!

The first episode begins in Adelaide, where a bricklayer has just finished building a huge, gorgeous home only to find out he’s got to sell it, because he can’t continue working and servicing the mortgage.

One thing that strikes me as a bit odd is that the estate agent selling the house is … the bricklayer’s daughter in law 🙂 and then things didn’t go quite the way she planned. But I’m not going to spoil this for you, if you want to watch the DVD.

Then they continue with a couple from Sydney, these folks are selling the home they just bought 11 months ago, because it is too small. It beats me why it makes sense for them to do so, I mean paying the stamp duty to buy it, and then the agent’s fee and the auctioneer’s fee to sell it, to buy another house and pay the stamp duty all over again… wouldn’t they be better off just saving for a year and then buying a house of the right size?

And in one of the other episodes there was a couple with 3 houses and 3 mortgages! Too strange for my taste, I mean what on Earth do you need to earn to service 3 mortgages, and where do you find the silly bank to even lend you that much money?!

Another thing to take with a grain of salt in the DVD is that almost every house in the show, no matter what suburb, sells for the price that exceeds the vendor’s expectations. Not sure about the current property market in Sydney, but I certainly wouldn’t count on that happening now in Melbourne.

On the other hand, the dynamics of a property auction are very well shown, with the bidding process from A to Z on display, including what happens if there are many bidders, or if there are no bidders at all. You get to learn the technique of using the vendor’s bid and the reserve price to get a better selling price, and how even seasoned investors get carried away at auctions and exceed their budget. Just keep your eyes and ears open, and you are sure to learn a thing or two.

I know from personal experience as a buyer that property auctions can be confusing at first (before you learn he process), stressful, and even intimidating. The best cure for that is to “know your enemy” – get familiar with the auction process, the sooner the better. If you are too busy to attend real property auctions, this DVD is a very good alternative.

I happen to have 3 copies of “Hot Property – Bidding Wars” up for grabs, and the first three readers to leave a comment on this post and say why they would like to watch it, will receive their copy, posted to their home address, absolutely free.

{ 6 comments… read them below or add one }

Marius September 20, 2011 at 10:36 pm

Hi mate – excellent website full of great tips!

We’re a young couple looking to break into the property market and have fallen in love with a house up for auction in a week so we’re frantically trying to study up on the process.

Would definitely appreciate that DVD!

Reply

Chris September 21, 2011 at 2:50 pm

Hi Marius,

Thanks a lot! Can you send me your postal address? Please reply to [email protected].

Cheers,
Chris

Reply

Val September 23, 2011 at 12:47 pm

Hi
I just happened on your website from a google search – glad I did, it’s full of useful information. I teach immigrants to Australia – the language, and also Australian culture and survival skills. I would love a copy of the DVD to show my students in class.
Thanks a lot,
Val

Reply

Chris September 24, 2011 at 9:18 pm

Hi Val!

I think this DVD will make great teaching material. Please send me your postal address to [email protected].

Cheers,
Chris

Reply

Lana September 29, 2011 at 9:54 am

Hi Chris!

Thanks for your posts! It is very helpful to read an opinion on things comparing to the confusing advertising messages. We’re from Brisbane and have lived there for a couple of years. Let me know if I could purchase the DVD somewhere.

Many thanks,
Lana

Reply

Chris October 3, 2011 at 10:55 pm

Hi Lana,

Thanks for the comment! I think you can purchase the DVD at any of the leading retailers. It has hit the shelves already 😉

Cheers,
Chris

Reply

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