Recently, some agents often list properties for much less than they’re worth to lure in buyers – and regulators ‘don’t seem to care. Recently, many home buyers experienced “price baiting,” an industry tactic whereby an agent deliberately lists a property’s price low to lure in potential buyers and encourage competition.
Realtisan wants to inform future home buyers that, under Australian Consumer Law, it is unlawful for real estate agents to make false or misleading claims. This includes advertising a property at a price lower than a rejected offer unless the seller is now prepared to accept a lower offer. In New South Wales, it’s illegal to use vague price statements like “offers over” instead of a specified selling price or range. A price guide should be determined by comparative market analysis, including the property’s location, current competing listings, recent sales, its size, the year built and renovations, and significant changes since the last time it was sold.
Last week’s Sydney auction clearance rate was 64%. There were 716 properties listed for sale, 285 properties were sold, and 114 properties were withdrawn. Moreover, the total clearance rate for state of New South Wale last week was 53%.
According to Realestate.com.au, it was reported 1054 private sales in New South Wales over last week. 235 properties were sold at auction, while 214 were sold prior to auction.
Last Saturday Sydney Auction Top5 House
▼TOP 1. AUD$5,010,000
Address: 26 High St, Strathfield NSW 2135
Land Size: 538 sqm
House | 5 Bed | 6 Bath | 4 Parking
▼TOP 2. AUD$4,800,000
Address: 15 Deakin St, Concord NSW 2137
Land Size: 801 sqm
Internal Size: 323 sqm
House | 5 Bed | 3 Bath | 4 Parking
▼TOP 3. AUD$4,727,000
Address:44 Curtis Rd, Balmain NSW 2041
Land Size: 354 sqm
House | 5 Bed | 2 Bath | 1 Parking
▼TOP 4. AUD$4,595,000
Address:27 Careel Bay Cr, Avalon Beach NSW
Land Size: 696 sqm
Internal Size: 152 sqm
House | 3 Bed | 3 Bath | – Parking
▼TOP 5. AUD$4,500,000
Address: 1 Middleton St, Petersham NSW 2049
Land Size: 512 sqm
Internal Size: 320 sqm
House | 4 Bed | 2 Bath | 2 Parking
Last Saturday Sydney Auction Top5 Unit
▼TOP 1. AUD$3,850,000
Address: 2/603 New South Head Rd, Rose Bay NSW 2029
Unit | 3 Bed | 2 Bath | 1 Parking
▼TOP 2. AUD$3,250,000
Address: 47 Yurong St, Darlinghurst NSW 2010
Terrace | 3 Bed | 2 Bath | 2 Parking
▼TOP 3. AUD$2,736,000
Address: 3/32 Carr St, Coogee NSW 2034
Unit | 3 Bed | 2 Bath | 1 Parking
▼TOP 4. AUD$2,350,000
Address: 502/31 The Promenade, Wentworth Point NSW 2127
Unit | 4 Bed | 2 Bath | 2 Parking
▼TOP 5. AUD$2,235,000
Address: 17 Wells St, Annandale NSW 2038
Terrace | 3 Bed | 2 Bath | 1 Parking
Reference:
“Price Baiting: The “Blatant” and Sometimes Illegal Tactic Frustrating Australian House Hunters.” The Guardian, 23 Sept. 2022, www.theguardian.com/australia-news/2022/sep/24/price-baiting-the-blatant-and-sometimes-tactic-frustrating-australian-house-hunters. Accessed 26 Sept. 2022.