What should be done about underquoting?
Nearly 95% agents who responded to a recent poll confirmed that underquoting is common.
But lets ask some harder questions:
- Underquoting may be happening regularly and if it is, is it happening deliberately?
- Are media reports that auctions are achieving 50%, 80%, 100%, 200% over reserve distorting the understanding of what underquoting really is?
Feedback to EAC suggests the Sydney market is moving too quickly for accurate price quides. Historical prices in this market are proving to be far less indicative that the market price than ever before.
With proposed new laws resulting in severe penalties, EAC wants to hear from agents:
What should be done in NSW about underquoting?
Make a comment below and let us know your thoughts.