What suburb Geezer? Sounds like you're looking at buying this house?
If you're looking at buying, try to befriend the agent first. You never know what information they'll give away. Many of them are just ex-car salesmen who have made the next step up. Slip them a couple of monkeys before making an offer and most of them will tell all. They care about the dollar just as much as the next man, and as the saying goes - a sale is a sale.
If the agent tells you the vendor is an owner-occupier who is not necessarily looking for a quick sale, then walk away and find something else. They won't accept a low-blow offer. The house will sit stale on the market for 9 months before they decide to drop the price by $15k. Don't waste your time with these people.
On the other hand, if the seller is an over-leveraged property investor who has had a tap on the shoulder from Mr Bank Manager, then go in hard and savage. Take full advantage of their situation. Be brutal with your offer. Offer $505k (sounds better with the 5 in front). Make it 'subject to approval by your accountant', then come back 2 weeks later after they've emotionally committed to the sale and offer another $50k less - because that's what your accountant approved :). Pay the agent a little more cash if needed to convince his vendors to accept your offer.
If your offer is accepted, then you can invite us all around for a big party - courtesy of the property investor who just lost his shirt. Drinks are on them!
