Correction, crackdown finally put Melbourne home prices on the money
23/02/2019
Melbourne househunters have never had a better chance to buy a home without second-guessing the advertised price — thanks to tougher selling conditions and a crackdown on underquoting.
Melbourne househunters have never had a better chance to buy a home without second-guessing the advertised price.
Tougher selling conditions and a crackdown on underquoting are behind the shift, experts say.
New figures show the average home in the city sold within 2.3 per cent of its listed price in December — less than half the average 5.1 per cent gap recorded in January last year.
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Real Estate Institute of Victoria chief executive Gil King said it was important to draw a line between the “heartbreaking” scourge of underquoting and homes selling above expectations.
A declining market means some homes will sell for less than their advertised range, Mr King said: “So in any restricted market it’s (the advertised price) going to be more accurate.”
