Sydney Agents now suppressing HIGH sold prices

Discussion in 'Property Market Economics' started by standtall, 4th Mar, 2019.

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  1. standtall

    standtall Well-Known Member

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    I was speaking to a friend who's going through a simultaneous sale/purchase of PPOR and he raised a very interesting point. It's a common knowledge that agents don't report sale price if the price isn't particularly good but my friend believes things have changed in Sydney and now agents are hiding price information from listings where they achieve a better than average price BECAUSE it has taken them a year to bring down vendor expectations and it just takes one or two sales at 2017 prices for all vendors to expect peak sale prices.

    This can partly explain why auction clearance rates aren't yet reflecting in median prices.

    Example: 12 Toorak Court, Cherrybrook, NSW 2126
    Above property sold for above $1.9 million yet sale price is being hidden.

    Views?
     
  2. AlexV_Sydney

    AlexV_Sydney Well-Known Member

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    I think there are many reasons to hide the prices... For instance, they can put 'Contact Agent' in order get your contact details and then send you new listings in the future (direct channel (email/phone)). It is very important when there are few buyers on the market. Or just because seller asked them to do so (a seller may have own reasons to hide it).
     
  3. Propertunity

    Propertunity Well-Known Member

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    • Sale Price: $1,880,000
    • Sale Date: 22 Feb 2019
     
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  4. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    That reasoning sounds completely off to me. I would politely suggest that whoever is suggesting this as a reason for withholding prices is engaging in wishful thinking with regard to what the market is doing and has a preoccupation with “willing” it to change. What is your friend’s reasoning for believing things have changed, other than hoping they have? There’s just nothing to support this right now.

    Prices are withheld for a variety of reasons on the listing - it happens all the time - but anyone with access can gain access to it very quickly as @Propertunity has demonstrated above.

    Nothing to see here, move along is my take on this.

    - Andrew
     
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  5. berten

    berten Well-Known Member

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    No.
     
  6. Redom

    Redom Mortgage Broker Business Plus Member

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    No. I think it'd be for privacy reasons, and this would be in both up and down markets (independent).

    I can understand that - it can be awkward to have high sales values (and low) for many personal reasons (family, wealth, etc).
     
  7. Shady

    Shady Well-Known Member

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    There is no way any agent would be withholding what they believe to be a great result. They would all welcome any chance to stroke their own ego and tell everyone that would listen how good they are.....I can say that because I am one....a commercial one anyway
     
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  8. Trainee

    Trainee Well-Known Member

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    Why do you think this sold above 1.9? Is this the same source that told you high sales prices are being supresed?
     
  9. standtall

    standtall Well-Known Member

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    Yes - same source.

    Fair points regarding other reasons to withhold price information. However, there has been a noticeable increase in ‘Call agents’ listing last few months vs year ago.
     
  10. Trainee

    Trainee Well-Known Member

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    Say no 1 sold a year ago for 1m. No 3 just sold for 850k. Agent for no5 would want to withhold that, and say to buyers no1 sold a year ago for 1m. Market is lower so 900k will get it. The agent tells the seller next door sold for 850k but i think i can get 900 out of the buyer.
     
  11. Gockie

    Gockie Life is good ☺️ Premium Member

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    As a buyer I asked for my purchase price to be suppressed. It could be the same as that.
     
  12. Illusivedreams

    Illusivedreams Well-Known Member

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  13. Sackie

    Sackie Well-Known Member

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    Don't want ur fam and friends to know you're cashed up :p
     
  14. Glorion

    Glorion Well-Known Member

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    A selling agent's biggest goal is to connect with a seller. From there on, they are able to manage expectations and bring down the sellers views to be in line with the reality of what buyers are offering. By selling a house above market expectations, this signals to others that you're capable (irrespective of the fact that other factors are more likely at play here). Why would a selling agent not take advantage of this?
     
  15. albanga

    albanga Well-Known Member

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    A seller wanting to hide the price on a good result. Yes
    A selling agent wanted to hide the price on a good result. Hell No
     
  16. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    There are many reasons why buyer's like to suppress prices, but it does happen more in weaker markets. Since this downturn began, the quality has really worsened for precisely this reason.

    The data has become far less transparent, and it likely reveals that there has been more downside to the numbers than the data suggests. Can't hang your hat on a hunch, but we can agree it has been a tough 18 months.
     
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