澳洲Australia property Worst underquoting ever | Sydney


在澳大利亚 I am in Melbourne. Would like to buy properties interstate. How difficult is that to manage these properties. Any advise. 评论 Do you mean manage to find them or manage as in property manager? 评论 Manage to find a good property manager 评 Hi everyone, After months of searching for my first IP I believe finally have the corage to put in my first offer. I would love some feedback Property: Duplex Asking price: $239,000 I believe it is worth $225,000 to $230,000 My Offer: $218,0


I was following with interest a property advertised at $170k - $200k, because I thought for sure it would be worth more than that. I was unfortunately unable to attend the auction, but the domain.com auction results say it sold for $352k. I see underquoting going on all the time, but how do they get away with blatant stuff like that? If I could tell from reading the ad that it was going to go for more, surely they must have known themselves. I sometimes wonder why I bother to search by price, since the advertised price seems to be close to meaningless. It's kinda discouraging to think how much time I'm going to waste when I finally start actively looking to buy. Is there anything constructive we can do about the problem?  

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I think that it is an absolute blight on the profession.

Many agents underquote by so far it is ridiculous, especially considering that in many cases they are well aware of what the property is worth and what the vendor is after.

I have inspected properties in the past and had a go at the ridiculous price being quoted. They usually just shrug their shoulders.

And we wonder why this profession has such a bad name.

Note: Apologies to the good agents out there including the ones who post here.  

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According to the changed rules to estate agents and land sales act, it is an offence to understate a price to a purchaser by the agent [writen or oral].

However it doesn't say anything about the advertising. so how far it is effective is anyone's guess.

here is the link  

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I am currently reading "Confessions of a Real Estate Agent" and it is a real eye opener as to the tricks of the trade. It's not all about the negatives of real estate agents and does cover the difficulties they face in dealing with "us" the general public.

I would recommend everybody involved in buying and selling property to read this book.

Damo :p  

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the last auction I went to was a main rd shop close to Adelaides CBD.

Council rates valuation was 120K. It was a knock down and rebuild job on 330SQM with maximum commercial floor space of 250SQM and limited to 2 stories with no under ground parking and a minimum of 120SQM needed for residential use.

Given the zoning ground floor shop/office with 2 residential units on top and a rear carpark is the limit of what could be done.

Bids opened at 250K, when they got to 300K I thought it was a fair price to pay and at 350K I thought there was little chance left to get a worthwhile return. When the hammer fell the price was $453,500.00 plus $45,350.00 GST :eek:

bundy  

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Thats why my motto is "Buy at private sale and sell at Auction"
Is that being smart or "dishonest" ?

Gordon Gekko  

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I went to an auction in Queanbeyan recently.

I bought a block of flats (9 1BR) further up the street, in pretty good nick, about nine months ago, for $480K. The yield was 8.9% then- and rents have gone up since (almost $1,000 pw now).

This block (in not great nick) was 6 2BR. The gross rent was about $700 pw (perhaps a bit less)- the agent's anticipated rent was $810 pw.

It went for $810K- 5% yield.

Hey, if people want to buy a block on that sort of yield, I'll sell mine for $1M. Not a worry!  

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hiya Amarantha,

What you describe is AWFUL, I very strongly suggest you call the office of fair trading or the REIQ and let them know. They will look into it and if the agent has, in deed, underquoted they will get punished for it.

I know that one agent in MEL has a condition on his license regarding this, you can see my previous post on this: here!

The one thing that I must say is, I would ordinarilly say, give the agent the benifit of the doubt, the property may have gone over anyone's expectation. However in this case, you were sure from the start that it was underpriced, so this is unlikely to be the case.

The regulatory bodies will be able to step in and look at the authority, if the authority says $350k for instance, and they have advertised it at $170k, they are stuffed, and rightly so.

let us know what happens!

asy :D  

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thanks for the advice :)
i've sent a cautious email to the reiv, and will see what they say  

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Maybe someone should record some statistics on advertised price and actual price.

Then we would know to add 30% to Agent x, 20% to agent y and 5% to agent z.

Stirling  

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Originally posted by stirling
Maybe someone should record some statistics on advertised price and actual price.

Then we would know to add 30% to Agent x, 20% to agent y and 5% to agent z.

Stirling
Click to expand...
Sounds a good plan, Stirling, on the surface, but I would argue that agents x and y shouldn't be allowed to practice.

asy :D  

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I emailed the REIV and they said the issue would have to go through the Estate Agent Resolution Service in Consumer Affairs. But I checked the EARS website, and it seems to be more of a conflict resolution service than a casual advice line. I don't know if it's appropriate to call up and complain about apparent underquoting at an auction I didn't even attend for a property I had no intention of buying. It's kind of intimidating...  

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I have just returned from Robert Bevan's Best Practice conference and Allan Hart of Roberts Real Estate in Tasmania spoke about what he felt was ineffectual bodies such as the real estate institutes throughout Australia who are simply not demanding a higher ethical standard of real estate practice. Far too often they are simply toothless.

This seems to simply be another case to back his statements.

My industry, which is full of some fantastic people, will continue to struggle to gain credibility until the governing bodies get serious. I find these stories extremely disappointing to say the least.

Good effort Amarantha.

Kev

www.nundahrealestate.com.au  

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