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Correction, crackdown finally put Melbourne home prices on the money


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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.

[…]

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.”

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