SYDNEY LUXURY HOME LISTED WITH A CHEEKY $1 RESERVE

In a move that is equal parts audacious and inspired, luxury real estate group Black Diamondz has listed a newly completed five-bedroom mansion in Ryde with a reserve price of $1.

The property at 26 Clermont Avenue is anything but bargain basement – featuring four lavish levels, a concrete structure, a private cinema, a mineral lap pool, a wine cellar, a sauna and even lift access.

Meanwhile, Ryde’s median house price is hovering around $2.5 million.

“This is not just another house. It’s a showpiece,” says Monika Tu, founder of Black Diamondz. “We’re not asking the market to guess its worth; we’re inviting it to experience it.”

Spicing things up further, the sales campaign doubles as a philanthropic effort.

Tu, along with agents Courtney Wong and Blake Morris, is using the high‑profile auction to raise awareness (and funds) for the Children’s Cancer Institute as part of the 2025 Dare to Cure challenge.

“We believe in creating value beyond the transaction,” says Tu. “Shining a light on the Children’s Cancer Institute turns luxury into legacy.”

Property Highlights

Five bedrooms, four bathrooms, three en-suites
Private cinema, sauna, gym and wine cellar
Gourmet kitchen with Miele appliances and butler’s pantry
Tundra limestone, Venetian plaster finishes, mineral lap pool
Quiet street near top schools, parks and Top Ryde Shopping Centre

Whether the $1 reserve is a marketing masterstroke or the future of auction theatrics, one thing’s sure: this isn’t your average Ryde listing.

Bidding starts with a gold coin. Final sale price? That’s anyone’s guess.

Australia’s home prices continue to grow, and while that makes them great investments, they are also some of the most unaffordable in the world.

That’s why first-home buyer schemes such as the First Home Owner Grant, the First Home Guarantee, and stamp duty concessions have become so valuable.

These programs are designed to reduce upfront costs and fast-track people into homeownership.

But the question many aspiring investors are now asking is can these schemes be used as part of an investment strategy? These government initiatives aren’t designed for investors, but they can still play a key role in your long-term investment journey if used strategically.

What the schemes actually allow

Every first-home buyer incentive in Australia is created to support owner-occupiers, not investors.

Whether it’s a cash grant, reduced deposit requirement, or a stamp duty discount, the catch is always the same in that you must live in the property for a set period of time. For example, the First Home Owner Grant often requires you to live in the property for at least six to twelve months, depending on the state.

The First Home Guarantee allows you to purchase with just a 5 per cent deposit without paying lenders’ mortgage insurance, but again, you’re required to live in the property for at least one year.

Likewise, state-based stamp duty concessions are only available for properties intended as a principal place of residence. If your intention from the outset is to buy a property solely for rental income, you won’t be eligible. However, if you’re open to living in the property initially, then transitioning it into an investment, there’s a path forward.

A strategy that works

Rentvesting has emerged as one of the most practical ways for first-time buyers to take advantage of these schemes while also laying the groundwork for a property portfolio.

The concept is simply, buying a property in an area you can afford (using the first-home buyer schemes to assist), live in it for the minimum required period, and then rent it out after fulfilling the occupancy condition.

This approach lets you legally access the benefits of first-home buyer schemes while building equity and entering the market sooner. Instead of waiting years to save a full 20 per cent deposit for an investment property, or getting priced out altogether, you get your foot in the door with reduced upfront costs.

Once you’ve satisfied the live-in requirement, the property can become an income-generating asset and even serve as collateral for your next purchase.

What to look for in a rentvestment property

If you plan to eventually convert the property into an investment, you need to think beyond your short-term living experience. It’s essential to buy a property that performs well both as a home and as a long-term asset.

That means looking at key fundamentals like location, rental demand, and growth potential. Suburbs with strong infrastructure, access to employment hubs, good transport links, and low vacancy rates should be high on your list.

A balanced price-to-rent ratio will help ensure manageable holding costs once the property transitions to an investment.

Established low-density areas often outperform high-rise apartment developments that flood the market with supply and limit capital growth. And ideally, your property should offer scope for future improvements, whether that’s a cosmetic renovation, granny flat addition, or potential to subdivide down the track.

Mistakes to avoid

There are a few common missteps that can undermine this strategy. The first is selling too soon. Some grants and stamp duty concessions include clawback provisions if you offload the property within a short period, which could see you lose the benefits or even owe money back.

It’s also a mistake to let the lure of a government handout sway your purchasing decision. A $10,000 grant doesn’t justify compromising on location, growth prospects, or property fundamentals.

Another pitfall is failing to consider the financial impact once the property becomes an investment. Repayments, tax treatment, and outgoings may change, so it’s important to stress-test your position from day one.

Lastly, beware of buying into oversupplied areas simply because they’re marketed to first-home buyers. Not all new builds are good investments. If hundreds of identical properties are being built nearby, your long-term growth could be seriously limited.

With the right approach, your first home can be the foundation for an entire property portfolio. It starts with using available government support to lower your entry cost.

From there, you occupy the property for the required time, convert it to an investment, and leverage the equity and rental income to fund your next purchase.

Many of the most successful investors today began with a single, strategically chosen property purchased using these exact schemes. By buying well, you can turn your first home into the launchpad for long-term wealth.

Abdullah Nouh is the Founder of Mecca Property Group (MPG), a buyers’ advisory firm specialising in investment opportunities in residential and commercial real estate. In recent years, his team has acquired over $300 million worth of assets for 250+ clients across Australia.