What’s in the news?

November 28th, 2021

What’s in the news?

2021-11-28 11:52

These two articles zero in on current matters of interest in the real estate market. The first story is an ABC online article explaining the frustration of underbidders who go through the trouble and cost of due diligence only to find that quoted range was way below the final sale price. Agents say it is just what happens in a frenzied market. Buyers say it is a calculated ploy to get people hooked into a listing or an auction to get competitive bidding. Both are correct.

If you think you have been the victim of an underquoting agent, there is only one thing you can do. Ask to see the listing agreement between the agent and the vendor. If the price the agent is saying they can get is more than 10% higher than what the agent was advertising the range to be, then you have a case and take it to the ombudsman.

The second article is about the slowing in some areas of auction clearance rates. This could herald a slowdown in the market – or it could not. This article may not be able to be open to all readers. Basically, CoreLogic data is showing auction clearance rates declining over recent weeks. Last week the clearance rate slumped to 74 per cent, a reasonably high rate by historical standards, but well below the 90 per cent rate recorded earlier this year.

Agents underquoting

Auction clearance

Real Estate Buyers Agent

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