How to Make an Offer on a House in Melbourne

Buying a house is one of life’s biggest milestones, and in a city like Melbourne, it can feel like a fierce competition just to get your foot in the door. From endless property inspections to deciphering auction rules, it’s no wonder many buyers feel overwhelmed when it comes time to actually make an offer.

Whether you’re a first-home buyer or adding to your investment portfolio, knowing exactly how to put forward a strong, well-prepared offer can make all the difference. At Inovayt, we help Melbourne buyers feel confident and ready to make their move, and this guide will show you how to do just that.

Understand the Melbourne Property Market

Before you even think about signing on the dotted line, it’s vital to understand how Melbourne’s housing market works.

In many Melbourne suburbs, auctions are the norm, especially for sought-after family homes and character properties. However, private sales (or private treaty sales) are still common, particularly for units and townhouses.

The key takeaway? Always do your homework. Research recent sale prices in the area you’re interested in and get to know the local market trends. This will help you gauge whether a property is realistically priced and what a competitive offer might look like.

Get Your Finances in Order

Making an offer means nothing if you can’t follow through, so having your finances lined up is essential.

Start by working out your budget. Factor in hidden costs, such as stamp duty, conveyancing fees, building and pest inspections, and moving expenses. Once you have a clear idea of what you can afford, it’s time to get pre-approval for your home loan.

Pre-approval shows sellers you’re a serious buyer, and in Melbourne’s fast-paced market, it can give you the edge over other interested parties. At Inovayt, our mortgage brokers take the stress out of the pre-approval process, guiding you through the paperwork and making sure you’re in the strongest position possible when it’s time to make your move.

Finding the Right Property

It sounds obvious, but don’t rush this step! Take your time to attend open inspections, ask questions, and get building and pest inspections, especially for older properties.

Make sure you fully understand the condition of the house and the local area. Schools, transport links, future developments and local amenities can all impact a property’s value and your quality of life down the track.

Making an Offer: Step-by-Step

Now comes the big moment – putting in an offer on the house you’ve fallen in love with. Here’s what you need to know.

Understand the Sale Type

Is the property being sold by private sale or auction? This will affect how you make your offer and what your rights are.

• Private Sale: You negotiate directly with the seller through the real estate agent.
• Auction: You’ll bid publicly on auction day. There’s no cooling-off period, so you must be ready to sign the contract and pay the deposit on the spot if you’re the winning bidder.

Making an Offer on a Private Sale

For a private sale, you’ll need to decide how much to offer. Look at comparable recent sales in the area to work out a fair price, and don’t be afraid to ask the agent about the vendor’s expectations.

Your offer should be made in writing, usually using the agent’s standard contract. You can make your offer subject to conditions, such as:

• Finance approval (even with pre-approval, this protects you if your lender changes their mind).
• A satisfactory building and pest inspection.
• A settlement date that suits your situation.

Once you submit your offer, the seller can accept, reject or come back with a counteroffer. If they counter, you can negotiate further until you reach an agreement, or decide to walk away if the price goes beyond your comfort zone.

Making an Offer at Auction

Buying at auction is common in Melbourne, but it’s a very different process from private sales. There are no conditions: if you’re the winning bidder, you must sign the contract and pay the deposit (usually 10 per cent) immediately. There’s also no cooling-off period, so you can’t change your mind later.

Before auction day, do your due diligence:

• Get pre-approval in place.
• Have your solicitor or conveyancer review the contract of sale.
• Get inspections done.

On the day, set a firm bidding limit and stick to it. It’s easy to get swept up in the heat of the moment, but stretching beyond your budget can cause headaches later on.

Negotiating

If you’re making an offer privately, be prepared for some back-and-forth. The seller might counteroffer or request different conditions.

Having a trusted mortgage broker on hand, such as the team at Inovayt, means you can move quickly if you need to adjust your finance details or provide updated pre-approval letters to strengthen your offer.

After Your Offer is Accepted

Congratulations – your offer has been accepted! So, what happens next?

First, you’ll sign the contract of sale and pay a holding deposit. For private sales in Victoria, you usually get a three-business-day cooling-off period. This gives you time to double-check everything, but keep in mind the cooling-off period doesn’t apply to auctions.

Next, your final loan approval will be confirmed, your deposit is paid, and your conveyancer will handle the legal side to get you to the settlement day.

Final Tips and How Inovayt Can Help

Buying a home – especially in Melbourne’s busy property market – can feel daunting. But with the right preparation and expert help on your side, you’ll be ready to put in an offer with confidence.

Here are our final top tips:

• Do your homework on the area and recent sales.
• Get your pre-approval sorted early.
• Don’t feel pressured to go beyond your budget.
• Surround yourself with trusted professionals – a good mortgage broker, conveyancer and building inspector make all the difference.

At Inovayt, we specialise in guiding home buyers through every step of the process, from securing pre-approval to celebrating settlement day. We know the Melbourne market inside out and we’re here to make buying your dream home as smooth and stress-free as possible.

Ready to Make Your Move?

If you’re planning to buy a house in Melbourne, chat to the team at Inovayt today. We’ll help you get your finances in order and support you every step of the way, so you can make an offer with confidence and secure the home you’ve been dreaming of.