REAL estate agents in popular Melbourne and Sydney suburbs routinely underquote by up to 30 per cent, new research lifting the lid on one of the industry’s dirtiest secrets has found.
Data from property pricing app realAs shows that underquoting of properties going to auction remains rife.
A study identifies Melbourne’s outer east — where a flurry of Chinese buying has sent prices soaring — as Australia’s epicentre of the practice. On average, properties in Blackburn South, Vermont, Templestowe Lower, Mount Waverley and Box Hill sold for between 25 per cent and 33 per cent above the quoted price, September data shows.
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