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Which price is right?

( season is back in the property market, with properties often selling for hundreds of thousands of dollars more than their advertised prices. It raises the question as to whether agents are again indulging in the outlawed practice of underquoting?

In March, a Hawthorn property advertised with an estimated selling price of $820,000 sold for $1.38 million – a mark-up of nearly 70 per cent. At the lower end it’s just as bad. A Thornbury property advertised at $420,000 sold for $583,000 – nearly 40 per cent higher than the advertised price. Another in Barkly Street, Brunswick, sold for $810,000, more than half again its advertised price of $530,000.

Buyer’s advocate David Morrell says agents have underquoted on as many as 80 per cent of recent sales – even though state and federal laws prohibit it.
The price blow-outs devastate buyers, especially those looking for their first home struggling in an unaffordable market, he says. more…….

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