Castle Hill most underquoted suburb!

Not that this surprises me as there are quite a few rogue agents in the Castle Hill area who continually under-quote by 20%+ but let's hope the new bill in parliament gets passed as something productive that actually targets these serial offenders!

 

Part of me wants to dob in agency for deliberately under quoting.

I went to an auction in Marrickville a few weeks ago. I called the day to ask about the price guide. They said Low 5's. Towards the end of the phone call, i deliberately said "oh so high 5's" and the agent corrected me and said low 5's again.

During the auction, it hit $555k and the agent kept saying its too low to sell and that other places were selling for more than that.

Hiding behind "we don't know the reserve until the day" is just bullcrap.

 

Do it.

 

It is so true. A friend was telling me about 3 years ago with her unit in the inner west. She wanted to sell it. Agent persuaded her to list it for auction, price guide ballpark 450k. But they all knew they wouldn't take anything less than about 550k. I wanted to dob the agent in.

Anyway, she got a great price for the time but in the 3 years since, the whole of Sydney boomed... but she was now out of the market. Her intention was to buy something bigger but then everything became unaffordable.

A very bad decision in hindsight, but it is what it is...

 

That one's true (more often than not). When disposing of assets in a previous life, I would regularly give a sealed envelope to the auctioneer on the day (no it was not full of cash).

The agent would not know the reserve, nor would the auctioneer until minutes before. That way the agent could only talk up the property but wouldn't know what we wanted.

The reserve was set at what our valuer put on the report.

 

Fair enough Scott.
While they may not know the reserve, I dare say the reserve would not be too far from the agent's price estimate on the listing agreement.

 

Schofields, Marsden Park and Edmonson Park are boldy over-quoted by @Tekoz

 

Sold prior to the boom! Ouch
At the time though I guess people were expecting house prices to slump. Hindsight is always 20/20.

 

I know. Within months the property market started booming and they were completely caught off guard and priced out. Didn't help she was only working part time due to a 1 yo son (which is why they wanted to upgrade!) so were going to rely on husband's income. They were also a bit risk adverse too, so decided to sell, and buy later.
Unfortunate move to make. So they ended up living with inlaws....

 

That's bad luck.
Do they have their own place now or are they still with the in-laws?

 

@wombat777 yes for house & land package.
for Apartment / units, I quoted Parramatta as well , for the sake of awareness and asking question.

 

Yes, its getting a bit old now, when you see at house advertised for "offers over" $1.2m when you know they are expecting $1.4m+.

 

went to a St Kilda auction in Melb a few months ago
guide >$750k
sold for >$1m!

 

I thought that it is now Illegal or misleading for the R/E agent to under quote ?
maybe that's in NSW only.