Austinmer
Property in the coastal town of Austinmer is so hot that buying another house before you sell is considered the norm. Judy and Graham Mahoney never dreamed they would have trouble selling their three-bedroom weatherboard cottage, so they went ahead and purchased a new home before they sold. After 10 months on the market, a failed auction, and 80 inspections, they have a big problem and an even bigger bridging loan.
Buyers are turned off by the bad presentation, poor level of maintenance, and the lack of a communal bathroom. Despite the feedback, Judy and Graham refuse to budge from their $700,000 asking price. They need the money to renovate their new home, but as each month passes, the couple slip further into debt. They have loans on both properties and need to find almost $6000 each month just to stay afloat.
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