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Property Price Transparency Boosts Confidence

property price transparency boosts confidence

Property Price Transparency Boosts Confidence

Property price quoting is improving but it still has a long way to go. Buyers and sellers have increased confidence where there is agreement on price. That is the very nature of a deal.

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

Control and confidence reigns supreme where the buyer and seller effectively communicate about price.

Real estate industry participants which help buyers and seller communicate effectively about price are the ultimate winners in an information rich industry.

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

VIC Accurate real estate agents Sold Price vs Agent Quote Sold Price vs realAs.com
1 Flemington 9.0% 4.9%
2 South Yarra 9.6% 6.8%
3 Maribyrnong 10.2% 4.7%
4 Ivanhoe 10.3% 5.0%
5 Abbotsford 10.4% 7.3%
6 Richmond 10.8% 8.5%
7 Coburg 10.9% 8.6%
8 Preston 10.9% 10.8%
9 Caulfield South 11.1% 7.4%
10 Williamstown 11.3% 5.7%
Source: REALas.com January 2017
NSW Accurate real estate agents Sold Price vs Agent Quote Sold Price vs realAs.com
1 Mosman 5.7% 6.6%
2 Surry Hills 5.9% 5.3%
3 Castle Hill 6.5% 10.0%
4 Newport 6.6% 8.0%
5 Rozelle 9.8% 4.3%
6 Balgowlah 9.9% 4.6%
7 Padstow 10.7% 6.6%
8 Hunters Hill 12.0% 9.0%
9 Drummoyne 12.0% 6.4%
10 Gladesville 12.4% 6.9%
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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Property Price Transparency Boosts Confidence
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