You could say that buying property is Australia’s national sport.

And you could also say that most Australians are playing it like a game of chance. 

The nation’s top property professionals, however, treat it like a game of strategy. 

We caught up with Australia’s #1 National Buyer’s Agent, Cate Bakos, for a masterclass in her property acquisition strategies.

From finding the ‘perfect’ place to vetting potential lemons and why you should be nice to real estate agents; Cate shared the professional grade intel you need to secure your first (or next!) set of keys with confidence. 

In Short:

• 🔍 You Need a Property Strategy: 
  Most buyers fail because they scroll without a plan; successful acquisition requires a strictly defined “hierarchy of needs” – categorising the importance of location, dwelling type, budget, and more – before you ever start searching. 

• 🛡️ Don’t buy a lemon: 
  You need to shift your mindset from “buyer” to “auditor” and rigorously review any potential purchase for hidden landmines and costs. Everything from strata minutes to zoning reports and utilising independent experts can help you uncover hidden risks. 

• 🤝 How to Close the Deal Like a Pro: 
  Whether in private negotiation or at auction, property acquisition is a high-pressure numbers game that rewards those who stay detached, maintain discipline on their budget, and adhere strictly to their pre-planned strategy. 

 

Watch the video or read the article below!

 

Your Next Step:
Read on or watch the recording below. If you want to discuss your next property move with the pros, you can reach out to your team directly through the personal finance portal.

 

 

How to Find a Property

Most of us start our property search the same way: scrolling through realestate.com.au or Domain late at night or at work.

This, Cate says, is not the best way to start. “The best buyers start with a strategy” she offers. 

“Before you start scrolling through the apps, you need to determine exactly what you need from the property. You need to be clear on the budget you’re working with, do you have pets? Do you want a backyard? Are you happy with apartment living? Are you after a house? You’ve got to fine tune all of your basic needs in the short, medium term and long term.  

Basically, you need to know what you want from the dwelling!” 

For Cate, this process isn’t ‘just’ a technical analysis; but a deeply personal conversation—either with yourself or your partner – to define your boundaries. To do this, you will need to: 

 

📝 Define Your Hierarchy 

You need to weigh location, dwelling type, land size, and condition against your budget.

Cate explains, “They probably won’t all come together. You then need to work out, well, is it a large property that I’m looking for… or is it the location? It’s important to determine hierarchy of your requirements, from most to least important, because then you can work out what your compromises are” 

🔎 Find Your Compromise: 

“Things might not come together if you’re not prepared to compromise on your wants / needs. And, you know, that’s a hard lesson for some, but the compromise that you’re least upset about making, that’s the one that you’ve got to do” Cate says. 

🏨 Research the locations you’re considering: 

If you’re unfamiliar with a new area, don’t just rely on streetview and the photos from online listings.

Cate’s advice is to get on the ground: “That might mean having some weekends on the other side of town and checking out hotels and cafes and just seeing what resonates with you”. 

Strategy settled? Good.

Next, Glen and Cate covered the transition from looking at pictures to looking at the fine print – covering how to vet a property properly, so you don’t end up with a lemon, or worse! 

 

 

How to Vet a Property 

Once you have your search strategy settled, the real work begins.  

Glen notes that many buyers rush through the inspection process, only to move in and find that their “dream home” is a “nightmare” of hidden costs.  

“It’s easy to get swept up in the emotion of the hunt” says Cate. And her message is clear: to avoid this type of scenario, you need to be shifting your mindset from ‘browser’ to ‘auditor’ 

“You aren’t just looking for a home anymore,” She warns. 

“You are looking for the substance behind the facade. If you don’t perform an active audit before you commit, you are essentially gambling with your financial future” 

She explains that vetting is about understanding the different “layers” of a property—some of which are visible at an open home, and others that are buried in paperwork. Her top tips for hunting down potential landmines are: 

🗒️ Review the strata minutes: 

If you’re buying an apartment, the strata report is one of your most important documents. It’s the building’s biography. “You must read the strata minutes to uncover the property’s history,” Cate explains. You’re looking for evidence of special levies that might be hitting your bank account soon, recurring disputes between neighbors, or long-standing structural issues that the body corporate has been kicking down the road.  

 

🏢 Review Zoning and Planning: 

Never look at a property in isolation; always look at the neighborhood’s future. Cate advises, “Check the council planning portal. Is there a big development planned for the block next door? Is your quiet street being earmarked as a bypass? You need to know these things before you bid”.  

 

👷 Hire Independent Experts: 

Don’t rely on the selling agent for the “all clear.” Whether it’s a building inspector or a pest control professional, always hire your own independent experts to ensure there is no conflict of interest.  

 

Ultimately, the goal of vetting is to strip away the emotional bias and Cate’s message is simple: “If you can stay objective, you’ll be the one who walks away with the property at the right price, while everyone else is bidding with their heart”. 

 

How to Close a Property 

 Cate opens with the disclaimer that an auction is a high-pressure environment specifically designed to disrupt your rational decision-making.  

She is also clear on the need to manage your expectations and realities when it comes to buying property. “It’s a numbers game,” She explains.  

“I have to say to everyone, as much as I love them and I think I’m a great auction bidder, you can’t win them all. There’ll always be someone who is irrational and there’ll always be someone who has a burning emotional need to get that property and it’s just the way the cookie crumbles”. 

Whether you are looking to secure a property through a private negotiation or bidding at auction, the buying process requires a cool head and a rigorous strategy.

Cate has a lot of advice to offer for every stage of the journey: 

 

 

Strategies for a Private Sale

If you are attempting to secure a property through a private sale or prior to auction, Cate recommends that you: 

• Verify Feasibility:
  Before attempting a private sale or pre-auction offer, confirm the property can physically be sold prior. Bank repossessions, court orders, or specific divorce settlements often mandate a public auction, meaning no pre-auction offers will be accepted. 

• Check Agent Motivation:
  Ensure the agent is actually prepared to sell prior to the auction. If they want the exposure of the full campaign, they may not be receptive to your offer, no matter the price. 

• Build Confidence, Don’t Reveal Limits:
  Don’t tell the agent your absolute maximum budget. Instead, ask for their professional opinion on how your target property compares to other similar sales to establish that you are an informed buyer. 

• Establish the Rules of Engagement:
  Before submitting an offer, ask the agent directly how they will handle competitive situations. Are they planning a “best and highest” round, a transparent Zoom-style auction, or back-and-forth negotiations? Getting the rule book early is essential. 

• Avoid “Verbals”:
  Never rely on verbal agreements; they are not binding and can break your heart. Put your money where your mouth is by being prepared to sign a contract and provide a deposit to demonstrate you are a serious, legitimate buyer. 
• Manage Your Communication:
  Do not appear overly desperate or nervous by constantly ringing the agent to check on your offer’s status. Establish a clear timeframe for when you expect to hear back so you maintain your negotiating position. 

 

Pre Auction Strategy

If a private sale isn’t an option, a little of pre auction preparation can set you in good stead when it comes to the big day. Cate recommends: 

• Set Your Hard Cap:
  You must establish your maximum spend for the property before you arrive at the auction. If the bidding surpasses that limit, you must have the discipline to walk away. Cate is adamant about this: “If your budget is insufficient, do you really want to go through all of that rigmarole and expense to bid on something that you’re likely not to get?”. 

• Do you research on comparable properties:
  Do not rely on automated comparative market analyses (CMAs). Conduct manual research by looking at the “sold” tabs for similar properties in similar areas. Identify sold properties that are truly comparable—matching in land size, street quality, orientation, and condition—to peg the value accurately. 

• Get some mileage out of real estate agents:
  If comparable sale prices are undisclosed, contact other agents who may have missed out on the listing. Because they often have a rapport with the vendor from pitching to sell the property themselves, they are frequently willing to share details on why the property is being sold and what the vendor’s expectations were. 

 

Auction Strategy

Handling yourself on the day requires that you stay cool, calm and collected: 

• Stay Detached:
  Cate suggests approaching the auction as a theatre to be observed from a distance. As she notes: “You have to be the one person in the room who is completely detached from the theatre of it all”. If the bidding surpasses your predetermined budget, you have to walk away.

• Accept You Can’t Win Them All:
  Have the mindset that “you can’t win them all”. There will always be irrational bidders or those with a burning emotional need to secure the property; you must be prepared to step back if the price goes beyond your established limit.

• Stay Disciplined on the Numbers: If your budget is insufficient, do not get caught up in the emotional pressure to push beyond your cap. Cate asks, “do you really want to go through all of that rigmarole and expense to bid on something that you’re highly likely not to get?”.

 

Ultimately, the closing on a property isn’t a test of your desire for the home; it’s a test of your adherence to the plan.  

By staying calm, objective, and sticking to your guns, you can ensure that even if you don’t walk away with that particular set of keys, you haven’t sacrificed the financial freedom you’re working toward.

 

Ready to Buy? How do you Connect with Cate?

If you are looking to secure a property in Victoria or Melbourne, you don’t have to navigate the market alone. Cate Bakos is a specialist in this region and is our go-to expert for helping buyers secure the right home, in the right place at the right price.

How to get in touch with Cate:

• Fox & Hare Members:
  The fastest way to get started is to let us know. Reach out to your advice team, and we will connect you with Cate personally to ensure a seamless experience.

• Direct Contact:
  You can also explore her services directly at catebakos.com.au.

• Follow Her Insights:
  Stay up to date with her latest market observations and property tips on Instagram at @cate_bakos_property.

• Call Directly:
  If you prefer to chat, you can reach her team at 0422 638 362.​

 

 

About Fox & Hare:

Fox & Hare are the Millennial and Gen Z advisers, 100% focused on helping Australia’s 20-45 year olds buy property, get invested and achieve financial freedom. 

When it comes to managing your money, it’s normal to feel uncertain or scared of making the wrong decision; it’s normal to feel so overwhelmed that, despite knowing you need to do something, the first step seems impossible; and it’s also incredibly normal to be earning great coin, but still feeling like you’re behind. 

At Fox & Hare we create bespoke, long term financial plans that eliminate these uncertainties and put you in control of your financial future. No more option paralysis. No more fear of missing out. No more uncertainty about how to manage your money effectively.

If you:  

• Want to achieve financial freedom. 

• Want the flexibility to live your life on your terms, not tied to a job or working 24/7. 

• Want your money to be working for you – not the other way around. 

 But the idea of learning how and where to start is more than a little daunting, let Fox & Hare do the legwork for you.