Gladesville price quotes at way below actual selling prices: realAs
Strong Sydney weekend auction results included 1 Stansell Street, Gladesville (pictured above) which sold at $2.85 million through Paul Tassone & Ahmad Malas of Professionals Ermington.
Auctioneer Rob Trovato of Auction Services saw a huge crowd of around 300 people with 28 registered bidders for the small cottage nestled between a unit block and a service station.
It had a zoning of R4 Mixed Use for its 714 square metre holding.
There were reports the property - described as a highly sought after opportunity in the marketing - sold at $1.1 million above the out of line reserve to a developer who plans to rent it out before eventually redeveloping the site.
Even before Saturday's auction, Gladesville agents were having serious issues with getting their pre-auction price estimates close to final sale price.
February results saw Gladesville top the list across Sydney in February when they studied price guidance against sold price.
RealAs advised 60% of home auctions in metropolitan Sydney suburbs were "underquoted" in February 2015 with buyer price guidance.
Top 10 NSW gaps | Sold Price vs Agent Quote | |
1 | Gladesville | 28% |
2 | Ryde | 23% |
3 | 21% | |
4 | 20% | |
5 | 18% | |
6 | Carlingford | 16% |
7 | Balmain | 16% |
8 | Beecroft | 16% |
9 | Manly | 16% |
10 | 15% | |
Source: realAs.com |
The site said low price guidance wasted home buyers’ time, money and causes heart ache.
"Home buyers and property investors spend their time attending open for inspections and auctions, money on building inspections, legal fees and rental appraisals only to have their hearts broken on auction day when their dream home sells for way higher than what their budget allowed," realAs director Josh Rowe said.
The New South Wales Government has said it will crack down on underquoting behaviour.