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Underquoters Revealed

Underquoters Revealed
March 12, 2015 Josh Rowe

Underquoters Revealed

Underquoting wastes home buyers’ time, money and causes heartache.

Home buyers and property investors spend their time attending open for inspections and auctions, money on building inspections, legal fees and rental appraisals only to have their hearts broken on auction day when their dream home sells for way higher than what their budget allowed.

The New South Wales Government has said it will crack down on underquoting behaviour.  Although it is actually Victoria who is the “winner” of the title as the worst underquoting state in Australia.

The grubby and misleading tactic of underquoting mostly occurs amongst packs of competing real estate agencies in Melbourne and Sydney suburbs.

I spoke with Tom Tilley and the REINSW President Malcolm Gunning on Triple J’s Hack program.

“House-hunting heartbreak. Have you had the frustrating experience of finding the perfect home that’s in your price range, only for it to sell for way more than the quoted price? It’s a frustration that most first home buyers deal with every weekend: you find the ideal place, you excitedly place an offer or head along to the auction only for the place to sell for way more than the listed price. It’s known as underquoting and it sucks.”

Price is the most important piece of information in a property sale.

Home buyers seek the truth when it comes to real estate but the current sources do not satisfy their thirst for information.

realAs.com accurately predicts home sale prices, powered by “the crowd” of home buyers.  You.

The realAs.com February report shows the severity of the underquoting problem. However, it also shows that there are real estate agents which can accurately quote what homes will sell for.

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

 

– Josh Rowe, realAs.com

 

1. Top 10 under quoting real estate agent suburbs for NSW

NSW Sold vs
realAs.com
Sold vs
Agent
1 Gladesville 12% 28%
2 Ryde 8% 23%
3 Marsfield 11% 21%
4 Cammeray 10% 20%
5 Wahroonga 6% 18%
6 Carlingford 6% 16%
7 Balmain 7% 16%
8 Beecroft 5% 16%
9 Manly 7% 16%
10 Lilyfield 5% 15%

Source: realAs.com

2. Top 10 accurate real estate agent suburbs for NSW

NSW Sold vs
realAs.com
Sold vs
Agent
1 Darlinghurst 6% 8%
2 Waterloo 5% 9%
3 Paddington 4% 9%
4 Ballina 6% 10%
5 Wollstonecraft 3% 12%
6 Crows Nest 2% 12%
7 Castle Hill 6% 13%
8 Surry Hills 7% 13%
9 Glebe 8% 13%
10 Hunters Hill 6% 13%

Source: realAs.com

3. Top 10 accurate realAs predictions for NSW

NSW Sold vs
realAs.com
Sold vs
Agent
1 Crows Nest 2% 12%
2 Wollstonecraft 3% 12%
3 Paddington 4% 9%
4 Epping 4% 15%
5 Lane Cove 4% 15%
6 Mosman 5% 14%
7 Lilyfield 5% 15%
8 Beecroft 5% 16%
9 Waterloo 5% 9%
10 Wahroonga 6% 18%

Source: realAs.com

4. Top 10 under quoting real estate agent suburbs for VIC

VIC Sold vs
realAs.com
Sold vs
Agent
1 Box Hill South 13% 32%
2 Bulleen 11% 31%
3 Templestowe Lower 10% 30%
4 Burwood 12% 29%
5 Armadale 9% 29%
6 Carlton North 8% 29%
7 Doncaster 10% 28%
8 Burwood East 10% 28%
9 Caulfield South 7% 27%
10 Carnegie 7% 27%

Source: realAs.com

5. Top 10 accurate real estate agent suburbs for VIC

VIC Sold vs
realAs.com
Sold vs
Agent
1 Rosebud 6% 8%
2 Maidstone 7% 8%
3 Spotswood 8% 9%
4 Aspendale 6% 10%
5 Altona North 5% 10%
6 Fawkner 4% 11%
7 Williamstown 7% 11%
8 Port Melbourne 4% 11%
9 Craigieburn 14% 12%
10 Yarraville 5% 12%

Source: realAs.com

6. Top 10 accurate realAs predictions for VIC

VIC Sold vs
realAs.com
Sold vs
Agent
1 Kensington 2% 17%
2 Avondale Heights 3% 15%
3 Niddrie 3% 16%
4 Macleod 3% 14%
5 Cheltenham 3% 19%
6 Thornbury 4% 17%
7 Fawkner 4% 11%
8 St Kilda East 4% 17%
9 Blackburn 4% 19%
10 Southbank 4% 20%

Source: realAs.com

 

 

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