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Quick Survey - Comparable Sales Info

Discussion in 'General Property Chat' started by Agent30yrs., 12th Sep, 2016.

  1. Agent30yrs.

    Agent30yrs. Well-Known Member

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    Hi all, would really value some opinions from the buying public on comparable sales ranges supplied by REA's in Brisbane.

    Quick scenario is that you have enquired on line for a price guide on a house going to auction in Brisbane .(Its illegal in Qld for REA to provide a price guide but they can supply comparable sales).

    Comparable sales come back at $650,000 - $750,000... Where do you assume the agent/seller are expecting it to sell ?

    I get the impression PCers from NSW & VIC are somewhat more skeptical because they have been rolled before by under-quoting so if you could add what state your from that would really help.

    Thanks in anticipation.
     
  2. Kinnon Bell

    Kinnon Bell Finance Broker

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    $850,000 :D

    (I'm from QLD)
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    It all depends upon what the agent calls comparable - same land size, bedrooms, bathrooms, parking, views, features, condition, aspect, proximity to transport/schools/shops/services/facilities/recreation.

    Still a verifiable but more sophisticated method for underquoting - are these comparable sales the same as the ones used in the appraisal to the owner or are these the ones rejected as too low and they wouldn't have received the opportunity to list the property if they used these in the sales spiel?
     
  4. MrFox

    MrFox Well-Known Member

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    That would depend on the uniqueness of the property. Probably at the upper level but it could go beyond. Units and apartments would be much easier than houses. I am in Melbourne so if I heard a range like that down here, I would thing around $800,000.
     
  5. Big Will

    Big Will Well-Known Member

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    It really depends on what comparable they are providing, if all the properties from 650-750k are lesser properties than I would be thinking 800+. However if the comparable are comparable then 750k might be correct.
     
  6. Agent30yrs.

    Agent30yrs. Well-Known Member

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    I'm hoping your playing with me ? !!
     
  7. Agent30yrs.

    Agent30yrs. Well-Known Member

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    Thanks for replying. My thinking is that if they are all lesser properties, then they are not really comparables. Maybe to answer is to provide a list of "Superior and Inferior properties"

    If a property is worth around 700k, cant see any point in attracting 750 - 800+ buyers
     
  8. Scott No Mates

    Scott No Mates Well-Known Member

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    They'll have $100k headroom to negotiate with or spend on upgrades.

    Just to challenge you.
     
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  9. Kinnon Bell

    Kinnon Bell Finance Broker

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    Kind of but not really. :D I think under-quoting is still a huge issue and take price guides with a grain of salt. Who knows what comparables they were using.

    I do my own DD and work off my own price guide.
     
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  10. Agent30yrs.

    Agent30yrs. Well-Known Member

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    LOL @Kinnon Bell and @Scott No Mates I've just realised I'm asking the wrong crowd . I need to dumb down my sample !
     
  11. Azazel

    Azazel Well-Known Member

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    Going by the clearance rate, odds are it won't sell at auction.
    But sure they're happy to drum up interest and sell it afterwards.
     
  12. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    In North Epping an agent's open I went to (Tracey Yap) a few years back showed a list of comparables that were very much at the very top end.

    So it was loudly and clearly showing what the agency and vendor was going for. A top end sale. Made it very easy for the buyers to see what was the expectation.
     
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