Wouldn’t it be nice to know the price a property is going to sell for before you make a bid on auction day? As a home-owner, wouldn’t you rather know whether you will get your asking price before you receive any nasty surprises on the big day? Our team at REALas feels the same way, and that is why we dedicate a lot of time giving you accurate price predictions for properties listed on the market.
We decided to reflect on the properties sold in May in order to determine the suburbs where agents are more accurate. We present to you a list of the top 10 suburbs in Melbourne where you are most likely to receive accurate listed price by the agent.
Top 10 most accurately listed suburbs
|VIC||Suburb||Agent accuracy*||REALas accuracy*|
|Source: REALas.com June 2018|
*Average margin of error
A reason for the agents’ accuracy on these suburbs could be due to the rules surrounding underquoting, forcing them to provide more appropriate listing prices. A lot of the times the price quoted by the agent is based off the prices of other homes sold in the suburb. This may not always provide the most accurate representation of the future selling price. We suggest looking at the history of median prices in a suburb to obtain a good idea of the range you are looking to pay in a suburb.
Alternatively, the easier thing to do would be to visit our website, REALas, where we will do all the hard work for you and provide you with accurate predictions for listed properties within Australia.