Prices that cause pain
In a booming property market, homes are selling at auction for sums that blow the agent’s price guide out of the water. But the issue of underquoting is nothing new. Years ago, my partner and I set our hearts on a rundown (let’s be honest, derelict) house slated for sale at auction in Sydney’s inner west. The agent quoted an upper price estimate, which was within our budget though at the top end.
Hopes came crashing down when the auctioneer opened bidding at the top price we’d been quoted. After exchanging “What the?” looks, we slunk out of the auction room leaving buyers with deeper pockets to fight it out.
Fast-forward to 2021 and underquoting is once again making headlines as shell-shocked house hunters watch properties sell under the hammer for prices that dwarf the agent’s price guide.
In June, a Toorak mansion sold at auction
