{"id":32212,"date":"2021-05-05T19:01:29","date_gmt":"2021-05-05T07:01:29","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=32212"},"modified":"2021-05-05T19:01:29","modified_gmt":"2021-05-05T07:01:29","slug":"annoying-problem-facing-homebuyers","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/annoying-problem-facing-homebuyers\/","title":{"rendered":"Annoying problem facing homebuyers"},"content":{"rendered":"

PHOTO: Frustrated homebuyers are walking away, market watchers say. Source: Supplied<\/em><\/span><\/strong><\/p>\n

Potential homebuyers are turning up to auctions with \u201cno chance in hell\u201d, as underquoting<\/a> agents use a loophole to avoid disclosing prior offers, market watchers way.<\/p>\n

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Would-be buyers have been left so frustrated chasing properties that end up selling far beyond their reach that they\u2019ve shelved their home ownership aspirations altogether, agents have told NCA NewsWire.<\/p>\n

Propertybuyer CEO Rich Harvey said potential Sydney buyers were walking away after being angry and annoyed at being priced out.<\/p>\n

\u201cI\u2019m seeing a bit of pushback from the buyers that are going, \u2018You know what? I just don\u2019t want to participate in this market, I\u2019ve had enough\u2019,\u201d he said.<\/p>\n

Underquoting is the illegal practice of falsely advertising property or indicating it will sell for less than its estimated selling price.<\/p>\n

In recent months, Victorian and NSW authorities have fielded dozens of complaints about underquoting as cashed-up buyers try to take advantage of record low rates and government incentives in a heated market in which demand outstrips supply.<\/p>\n

Mr Harvey said some agents were naive about underquoting, while others were being caught out by the strength of the market.<\/p>\n

\u201cUnderquoting definitely raises its head as an issue in this market because it appears as if properties are perhaps being underquoted, whereas it actually might be the market is actually just proving itself very strong and rising rapidly,\u201d he said.<\/p>\n

\u201cI\u2019ve seen some stuff go for $500,000, $600,000 over the price guide \u2013 and that\u2019s like 20 or even 25 per cent.<\/p>\n

\u201cAs buyers\u2019 agents, we know which agents price their properties very close to what they\u2019ve sold for, and we know there\u2019s those that are notorious underquoters and we use that to our advantage.<\/p>\n

\u201cI\u2019m not going to name names, but there\u2019s still some that will definitely underquote quite deliberately.\u201d<\/p>\n<\/div>\n

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