Many people are so busy these days that it is understandable that when they buy a property, they want something that needs the least amount of work. Many of our clients want properties which have been recently renovated or close to brand new. Our advice to our clients has consistently been that new does not […]
Buyers’ Agent – the REAL thing
Last week, we received a letter at our office from the Real Estate Institute of New South Wales (the main trade association body for real estate agents in NSW). The letter was sent to all agents who have nominated themselves as ‘Buyers’ Agents’. Essentially, the REINSW is starting to crack down on agents who advertise […]
A property quoted between 800-900k sold for 1.168 million
This property was sold for $1.168 million. The price guide quoted by the selling agent was 800-900k. What accounts for this variance? Depends on which scenario you subscribe to: Intense competition drove the property price significantly higher than expected. Agent was not local and therefore provided an inaccurate price guide. Agent was deliberately underquoting to attract […]
Unrealistic seller + incompetent agent = no sale
At an Auction today, a bid was made by the sole bidder at 1.6 million. This was swiftly followed by a Vendor Bid at 1.9 million. Needless to say, the property did not sell. This Auction is a classic example of when the seller and buyers are not on the same page. The seller is […]
Cracking down on underquoting in Victoria. Will Sydney be next?
In a couple of our recent blog posts, we have noted the trend of chronic underquoting by some agents in Sydney. As this news article explains, the State of Victoria is currently working to stamp this out. Victorian home sellers could be forced to publish their reserve price under proposals discussed in June to stamp out underquoting. The Real […]
Auction Action – 11 July 2009
Two Auctions in Chatswood today saw huge crowd turnout and strong sale prices. 16 Johnson Street in Chatswood (4br/1ba/1ga) was sold at Auction today. During the marketing campaign, the quoted price guide was “over 1.2 million”. With nearly 150 people watching (see photo) and 14 registered bidders, the property was sold under the hammer for 1.426 million. […]
Trend of under-quoting
In the past couple of months, we have noticed a disturbing re-emerging trend of several agents in the North Shore under-quoting significantly as a strategy to attract buyers. Aside from this being an unethical and illegal practice, we actually feel that this is not necessarily a good strategy for the seller or their agent in the long run […]
The word on the street…
One of our Buyers’ Agents inspected 15 properties today in Ryde, Epping, Eastwood, Chatswood, Lindfield, Killara and Gordon. This is a summary of what things are really like ‘out there’: Under $1 million: Open inspections are absolutely crowded. Literally there is a line of people waiting to enter the properties. Often properties are significantly underquoted […]