{"id":22890,"date":"2019-12-30T13:26:05","date_gmt":"2019-12-30T00:26:05","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=22890"},"modified":"2019-12-30T13:26:13","modified_gmt":"2019-12-30T00:26:13","slug":"are-real-estate-agents-underquoting-or-beating-expectations-in-a-rising-property-market","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/are-real-estate-agents-underquoting-or-beating-expectations-in-a-rising-property-market\/","title":{"rendered":"Are real estate agents underquoting, or beating expectations in a rising property market?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"> <strong>PHOTO: According to CoreLogic, Australian home prices rose an average of 1.7 per cent in November. ABC News: Ian Cutmore<\/strong> <\/p>\n\n\n\n<p class=\"has-drop-cap wp-block-paragraph\">It is a problem that&#8217;s long been a feature of a rising property market: too many buyers battling for too few homes in the inner suburbs of Sydney and Melbourne.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key points:<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>State laws impose penalties for underquoting, but proving it happens can be tricky<\/li><li>Real estate agents say the reason properties sell for $100,000 or more than advertised is due to market momentum<\/li><li>But buyers fear they are being pushed into spending more than their initial budget to compete for homes<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">ABC News did a call-out on social media asking if people were being underquoted for properties in Sydney and Melbourne.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A number of Australians wrote in saying they thought properties had been underquoted because they sold $100,000 to $200,000 above the advertised price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But the real estate agents who sold the properties said the price advertised was within the reserve price of the vendors.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The agents said the fact the property ended up going for well above what they expected at auction was not underquoting, but the consequence of a hot property market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to CoreLogic, Australian home prices rose an average of 1.7 per cent in November.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sydney led the gains, lifting 2.7 per cent for the month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Real Estate Institute of Australia president Adrian Kelly says the fact homes are selling for more than their advertised price is an issue of limited supply amid growing demand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">READ MORE VIA <a href=\"https:\/\/www.abc.net.au\/news\/2019-12-30\/are-real-estate-agents-underquoting-hot-property-market\/11829060\">ABC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: According to CoreLogic, Australian home prices rose an average<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/are-real-estate-agents-underquoting-or-beating-expectations-in-a-rising-property-market\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":22891,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478103835,478098892,478098705,478098828,478099233,478099457],"class_list":["entry","author-data123nz","post-22890","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-adrian-kelly","tag-corelogic","tag-real-estate-agency","tag-real-estate-agents","tag-reia","tag-underquoting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are real estate agents underquoting, or beating expectations in a rising property market? - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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