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Lack of Transparency Wastes Everyone’s Time

lack transparency wastes everyones time

Lack of Transparency Wastes Everyone’s Time

As expected, January was a quiet month for real estate sales.  Yet, the lack of transparency between some real estate list prices and the eventual sale prices continued.

Sellers want to know what their property is likely to sell for, and buyers if they can afford to purchase the property.

Where there is a significant inconsistency between price expectations of sellers and buyers it simply ends up wasting everyone’s time.

Therefore, the real estate industry must sharpen their pencils to help buyers and sellers communicate more effectively about price.

Here are the Top 10 suburbs for inaccurately quoted real estate prices:

VIC Inaccurate real estate agents Sold Price vs Agent Quote Sold Price vs REALas.com
1 Doncaster East 21.4% 7.7%
2 Templestowe Lower 20.9% 5.6%
3 Noble Park 19.7% 10.9%
4 Mont Albert 19.3% 6.0%
5 Keysborough 19.0% 5.5%
6 Fawkner 18.8% 4.9%
7 Heidelberg West 18.4% 9.1%
8 Macleod 18.4% 10.4%
9 Surrey Hills 18.1% 5.5%
10 St Kilda East 17.9% 8.2%
Source: REALas.com January 2017
NSW Inaccurate real estate agents Sold Price vs Agent Quote Sold Price vs realAs.com
1 North Sydney 14.2% 5.4%
2 Ryde 14.1% 8.3%
3 Gladesville 12.4% 6.9%
4 Drummoyne 12.0% 6.4%
5 Hunters Hill 12.0% 9.0%
6 Padstow 10.7% 6.6%
7 Balgowlah 9.9% 4.6%
8 Rozelle 9.8% 4.3%
9 Newport 6.6% 8.0%
10 Castle Hill 6.5% 10.0%
Source: REALas.com January 2017

With respect to the survey:

  • it is for auctions in January 2017
  • from Victoria and New South Wales
  • only suburbs with 4 or more publicly available quotes and auction results were included
  • the “Sold Price vs Agent Quote” is the average percentage difference between the sold price and the public agency quote
  • the “Sold Price vs realAs.com” is the average percentage difference between the sold price and the realAs.com prediction

REALas accurately predicts property values

REALas property values are 5% off home sale prices on average – Australia wide including auctions and private sales.  Almost 9 out of 10 of REALas home price guides are just 10% off the final home selling price.

There are thousands of homes on REALas.com

We help home buyers research the right price to pay for a home.

realAs real estate property valuation home price guide report

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Lack of Transparency Wastes Everyone's Time
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