REALas Australia’s most accurate property price predictions
REALas Australia’s most accurate property price predictions

Top 10 under quoters

Top 10 under quoters
November 27, 2014 Josh Rowe

In Victoria and New South Wales underquoting is endemic, rampant, it’s grubby, it’s misleading and deceptive and it’s a fraud on home buyers.

This is not an opinion, this is a fact, supported by this quantitative data which we have shared with the media.

Which information do you rely on as a home buyer?  The real estate agent, realAs predictions or other sources?

1. Top 10 under quoters for NSW

NSW Sold vs
Agent quote
Sold vs
realAs.com
1 Hurstville 29% 15%
2 Cherrybrook 29% 15%
3 Epping 22% 8%
4 North Ryde 21% 10%
5 North Sydney 21% 8%
6 Bexley 20% 7%
7 Rockdale 19% 11%
8 Hunters Hill 18% 8%
9 Ryde 18% 9%
10 Carlingford 18% 8%

2. Top 10 under quoters for VIC

VIC Sold vs
Agent quote
Sold vs
realAs.com
1 Burwood East 31% 12%
2 Murrumbeena 31% 11%
3 Blackburn South 30% 10%
4 Airport West 28% 9%
5 Doncaster East 28% 10%
6 Croydon 28% 11%
7 Ivanhoe 28% 8%
8 Donvale 27% 8%
9 Nunawading 27% 12%
10 Chadstone 27% 8%

However, there are real estate agents which do accurately quote prices.

3. Top 10 most accurate agents for NSW

NSW Sold vs
Agent quote
Sold vs
realAs.com
1 Culburra Beach 6% 2%
2 Thirroul 6% 4%
3 Woolloomooloo 8% 6%
4 Potts Point 9% 3%
5 Narraweena 9% 4%
6 Paddington 9% 2%
7 Darlinghurst 10% 3%
8 Surry Hills 10% 5%
9 Baulkham Hills 10% 7%
10 Cremorne 10% 3%

4. Top 10 most accurate agents for VIC

VIC Sold vs
Agent quote
Sold vs
realAs.com
1 Wyndham Vale 4% 10%
2 Mornington 6% 6%
3 Frankston South 7% 10%
4 Collingwood 10% 8%
5 Taylors Lakes 10% 5%
6 Melbourne 10% 6%
7 Niddrie 11% 6%
8 Hadfield 12% 3%
9 St Kilda East 12% 7%
10 Frankston 12% 7%

Finally, here are the suburbs where realAs.com is most accurate.

5. Top 10 most accurate realAs predicts for NSW

NSW Sold vs
Agent quote
Sold vs
realAs.com
1 Culburra Beach 6% 2%
2 Paddington 9% 2%
3 Darlinghurst 10% 3%
4 Potts Point 9% 3%
5 Cremorne 10% 3%
6 Thirroul 6% 4%
7 Mortdale 16% 4%
8 Randwick 11% 4%
9 Alexandria 12% 4%
10 Wollstonecraft 14% 4%

6. Top 10 most accurate realAs predicts for VIC

VIC Sold vs
Agent quote
Sold vs
realAs.com
1 Alphington 20% 3%
2 Fawkner 15% 3%
3 Essendon North 16% 3%
4 Toorak 18% 3%
5 Bonbeach 20% 3%
6 Ringwood North 21% 3%
7 Kingsville 17% 3%
8 Hadfield 12% 3%
9 Mordialloc 13% 3%
10 Newport 14% 4%

 

The above tables show the accuracy for auctions in October 2014.

More reading on the topic of underquoting:

 

 

  • property values

    The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of REALas.


3 Comments

  1. Tania 5 years ago

    Under quoting is not all bad, it can encourage healthy competition for sellers. Lets face it the agent should be working for the owner and not the buyer. In Qld over quoting is a problem and houses can stay on the market for several months and even years because the agent has mislead the owner over the properties market value. I recently sold a home that was advertised for 390 plus and fetched 450 in melbourne just saying …

  2. Keven 5 years ago

    Tania, In reality, the problem is that the agent is working for the buyer, not the seller. The agent has the seller in their hands when they sign the sole-agency agreement so the agent then works on the buyer so they can make the most commission, regardless of what property they sell. I have sold and bought many times and some of the seller’s information disclosed to me as the buyer by the gent in nothing short of scandalous.

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