Tag #Underquoting

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Aug 11, 01:16

REIV Responds to Underquoting Claims, Calls for Housing Affordability Solutions

The Real Estate Institute of Victoria (REIV) responded to The Age's investigation into underquoting, arguing that while breaches occur, the majority of sales above quoted prices result from competitive bidding in a tight market. They propose a more proportionate enforcement system and reforms like r...

REIV Responds to Underquoting Claims, Calls for Housing Affordability Solutions

The Real Estate Institute of Victoria (REIV) responded to The Age's investigation into underquoting, arguing that while breaches occur, the majority of sales above quoted prices result from competitive bidding in a tight market. They propose a more proportionate enforcement system and reforms like r...

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What reforms does the REIV propose to improve transparency in the property market, and why do they believe these reforms are necessary?

The REIV's response highlights a tension between addressing public concerns about underquoting and acknowledging the complexities of the housing market. While acknowledging instances of underquoting, they emphasize the impact of intense competition in a limited housing market, driving prices above quoted ranges regardless of intentional underquoting. The low number of fines issued suggests enforcement may be ineffective rather than widespread underquoting.

smh.com.au

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Aug 10, 22:15

Sydney Auction Underquoting Costs Buyers Millions

An investigation revealed widespread underquoting at Sydney auctions, with properties in suburbs like Smithfield (29% above guide), Greenacre (24%), and Marayong (22%) selling far above advertised prices, costing buyers hundreds of thousands of dollars, disproportionately impacting middle-income ear...

Sydney Auction Underquoting Costs Buyers Millions

An investigation revealed widespread underquoting at Sydney auctions, with properties in suburbs like Smithfield (29% above guide), Greenacre (24%), and Marayong (22%) selling far above advertised prices, costing buyers hundreds of thousands of dollars, disproportionately impacting middle-income ear...

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Why is underquoting more prevalent in certain Sydney suburbs than others, and what factors contribute to this practice?

This underquoting practice, most prevalent in western Sydney suburbs experiencing high demand, disproportionately affects middle-income earners and first-time buyers. The practice is fueled by strong buyer competition and agents' strategies to maximize attendance and bidding wars. Data analysis of over 10,000 auctions in Sydney and Melbourne revealed consistent patterns of misleading price guides.

smh.com.au

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Aug 8, 22:18

Sydney Real Estate: Rampant Underquoting Costs Buyers Millions

A Herald investigation exposes rampant underquoting in Sydney's real estate market, with 48 percent of properties selling for over 10 percent above the quoted price, costing buyers significant sums and highlighting inadequate regulations.

Sydney Real Estate: Rampant Underquoting Costs Buyers Millions

A Herald investigation exposes rampant underquoting in Sydney's real estate market, with 48 percent of properties selling for over 10 percent above the quoted price, costing buyers significant sums and highlighting inadequate regulations.

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What is the extent of underquoting in Sydney's real estate market, and what are its immediate consequences for buyers?

An 18-month investigation by the Herald reveals that 48 percent of Sydney properties sold between January 2024 and June 2025 fetched more than 10 percent above their quoted prices, with 16 percent exceeding the guide by 20 percent or more. This widespread underquoting costs buyers time, money, and resources spent on inspections ultimately proving futile.

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Aug 11, 01:16

REIV Backs Reserve Price Disclosure to Combat Underquoting

The Real Estate Institute of Victoria (REIV) now supports disclosing reserve prices before auctions and providing free building and pest reports, responding to an investigation showing widespread underquoting in Victoria and costing buyers thousands of dollars.

REIV Backs Reserve Price Disclosure to Combat Underquoting

The Real Estate Institute of Victoria (REIV) now supports disclosing reserve prices before auctions and providing free building and pest reports, responding to an investigation showing widespread underquoting in Victoria and costing buyers thousands of dollars.

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What is the immediate impact of the REIV's support for reserve price disclosure on the Victorian real estate market?

The Real Estate Institute of Victoria (REIV) now supports disclosing a home's reserve price before auction, a significant shift driven by evidence of widespread underquoting. This policy change, along with a proposal for free building and pest reports, aims to address buyer frustrations and wasted expenses from misleading price guides. The REIV's about-face follows an investigation revealing that Victorian homebuyers frequently encounter unrealistic price guides.

smh.com.au

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Aug 8, 22:18

Australian Property Ads Reveal Significant Price Discrepancies

An 18-month analysis of over 200,000 Australian property ads reveals significant discrepancies between advertised and final sale prices, particularly in Sydney, highlighting buyer frustration and potential underquoting issues, despite the illegality of the practice.

Australian Property Ads Reveal Significant Price Discrepancies

An 18-month analysis of over 200,000 Australian property ads reveals significant discrepancies between advertised and final sale prices, particularly in Sydney, highlighting buyer frustration and potential underquoting issues, despite the illegality of the practice.

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How do inconsistent online listings, including price changes and removal of auction guide prices, complicate the identification of underquoting in the Australian property market?

The study, utilizing data from 18 months, highlights inconsistent online listings, with prices changing up to 17 times. The practice of removing auction guide prices after the auction, coupled with a lack of post-sale price disclosure, complicates efforts to track accurate pricing and identify underquoting.

smh.com.au

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Jun 8, 01:10

Sydney Auction Price Guides Mislead Buyers

Analysis of 319 Sydney auctions in 2024 revealed that 211 sellers set reserves at or above the highest price guide, often significantly higher (5-20 percent or more), misleading buyers who assume guides reflect actual selling prices, causing wasted time and money; legislative changes are under consi...

Sydney Auction Price Guides Mislead Buyers

Analysis of 319 Sydney auctions in 2024 revealed that 211 sellers set reserves at or above the highest price guide, often significantly higher (5-20 percent or more), misleading buyers who assume guides reflect actual selling prices, causing wasted time and money; legislative changes are under consi...

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How does the practice of setting reserves significantly higher than advertised price guides affect different buyer segments and market segments?

The discrepancy between advertised price guides and actual selling prices in Sydney's real estate market stems from sellers aiming for prices significantly higher than the advertised range. This practice, common across various price points, is particularly prevalent in the higher-end market, where sellers often expect premiums of 10 percent or more above the guide. This behavior creates a system where buyers invest time and money pursuing properties only to find them unaffordable.

Showing 1 to 6 of 6 results