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81% of Real Estate Agent Price Quotes Inaccurate

81% of Real Estate Agent Price Quotes Inaccurate
December 17, 2015 Josh Rowe

81% of real estate agent price quotes for auctions in Victoria resulted in final sale prices greater than 10%.  In New South Wales 43% of agent price quotes for auctions resulted in final sale prices greater than 10%.

The constant challenge for home buyers and property investors attending auctions is that there is no set percentage which real estate agent price quotes are inaccurate by.  That’s why realAs exists – to take out the guesswork.  realAs accurately predicts home sale prices.

Some real estate agents will argue that a rising market is the cause of their inaccuracy.  However, realAs surveys demonstrate that real estate agent price quotes are consistently inaccurate over many months across the same suburbs and by the same agents.

Those real estate agents which consistently deliver inaccurate price quotes either:

  • don’t know their local property market, or
  • are intentionally misleading home buyers.

Here are the worst underquoting hotspots in Victoria and New South Wales.

NSW Inaccurate Real Estate Agents Sold Price vs Agent Quote Sold Price vs realAs.com
1 Marsfield 20.7% 6.8%
2 West Ryde 18.1% 7.3%
3 Manly 16.2% 6.6%
4 Hunters Hill 16.2% 5.8%
5 Eastwood 16.2% 4.6%
6 Carlingford 16.0% 8.4%
7 Brighton Le Sands 13.9% 6.8%
8 Erskineville 13.6% 9.9%
9 Epping 13.4% 5.4%
10 Glebe 13.2% 3.4%
Source: realAs.com November 2015

 

VIC Inaccurate Real Estate Agents Sold Price vs Agent Quote Sold Price vs realAs.com
1 Brighton 29.2% 10.2%
2 Watsonia 27.8% 8.5%
3 Hampton East 27.3% 9.7%
4 Keysborough 26.8% 9.1%
5 Mentone 26.6% 8.0%
6 Blackburn 26.5% 9.7%
7 Hampton 26.0% 9.8%
8 Bentleigh 25.9% 7.0%
9 Edithvale 25.7% 7.6%
10 Craigieburn 25.4% 11.5%
Source: realAs.com November 2015

With respect to the survey:

  • it is for auctions in November 2015
  • from Victoria and New South Wales
  • only suburbs with 4 or more publicly available quotes and auction results were included
  • the “Sold Price vs Agent Quote” is the average percentage difference between the sold price and the public agency quote
  • the “Sold Price vs realAs.com” is the average percentage difference between the sold price and the realAs.com prediction

 

 

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