There have been reports that the NSW government is proposing to make some changes to counter underquoting. Some of the rumoured changes include:

  • A hotline set-up for unhappy buyers to lodge complaints
  • Forcing agents to provide buyers with a copy of the agency agreement (in my opinion this is invasion of privacy)
  • Eliminating agents from using terms like “bidding from” or “Offers Over” in marketing material
  • These changes and others may become legislation in the next few months.

I am currently working to lobby the government with the Vice President of the Real Estate Institute to ensure that any changes are in the best interest of the consumers and are workable by our industry.

I am pleased to say that overall, the agents I auction with are decent and honest people who strive to do the right thing and get the best result for their clients.

Of course working in the inner west (which I consider to be the hottest real estate marketplace in Australia), we often see great results which could also be interpreted as properties having been underquoted.

hammer

On a positive note, on Saturday I auctioned 4 Woodside Ave, Burwood. This is now the suburb record and has eclipsed previous records by over $2m.

Great properties are still getting great results and in the last 2 weeks, my clearance rate has been 100% (I’m sure this great run will end shortly).