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Real Estate Business Awards 2021

The REB Awards is the benchmark of success in the Australian real estate industry. It reflects not only the business astuteness of the country’s leading real estate operators and networks..

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top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
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top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Fair Trading keeps agents in cross hairs

By Michael Crawford
03 November 2014 | 1 minute read

NSW Department of Fair Trading minister Matthew Mason-Cox has put dodgy estate agents firmly in his legal cross hairs again, threatening to send more to jail should the NSW coalition win the state election in March next year.

Mr Mason-Cox confirmed that should the coalition win he expects the department to be re-armed with enough firepower to hit rogue business operators, such as underquoting estate agents, with the full weight of the law.

In an interview with News Limited press, Mr Mason-Cox said he won’t put up with underbidding, issuing a challenge to unscrupulous real estate agents.

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“We are not going to cop this,” Mr Mason-Cox said, adding he has had first-hand experience of underquoting – something he calls an "insidious practice".

“I’d love to nail somebody … to send a strong message.”

Mr Mason-Cox had been quoted a price on a Sydney unit previously, only for him to discover it sold for 25 per cent more a few days later.

Auctioneers and estate agents welcome the interest the Department of Fair Trading is having in alleviating problems surrounding the real estate industry.

Auctioneer from myauctioneer.com.au, Will Hampson, said he spoke with Fair Trading commissioner Rod Stowe last year regarding the fact underquoting problems could be reined in by disclosing facts to buyers and vendors. Facts, according to Mr Hampson, such as the prices of recent and similar property sale in the local area, that would provide a concrete price comparison guide.

“We try and encourage agents, with permission from the vendor, to talk to buyers about their motivation for moving and their destination, and offering buyers recent sales figures so we are having conversations based on fact,” Mr Hampson said.

“We spoke with Rod Stowe last year and he was very much of the same opinion about using recent sales figures, and a good example of this is if, hypothetically, a three-bedroom home sold recently for $900,000 and the owner of a four-bedroom with a double garage wanted to sell for a million dollars, then recent sales may be a better price guide as an estimate.

“I think if agents are underquoting, putting through low price guides or even talking price then they are potentially leaving themselves open, particularly in strong pockets in the market. If you talk about facts and recent sales you will never be scrutinised.”

Director of Ray White Real Estate in Epping Dennis Nutt said underquoting is not something any good agent would do in the current market. Mr Nutt said demand from overseas investors, particularly Asia, is one reason it is very difficult to pick what a property will sell for.

Mr Nutt said in the current market you really don’t know what price a property is going to end up selling for.

“I had a property last Saturday under the hammer that we quoted between $1 million and $1.1 million and the first weekend we sold at $1,572,500 with 38 registered bids,” Mr Nutt said.

“The campaign was bought forward one week, we had over 200 people at auction and we had even increased the agency agreement range to protect the owner.

“The property was actually selling as a knock-down.”

Fair Trading keeps agents in cross hairs
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Listen to other installment of the Real Estate Business Podcast
top 10 agents

Alexander Phillips

Top 1

Year of Experience: 21

Support Staff: 3

Residential Property Listings Secured: 241

Total Value of Residential Properties Sold: $ 706,737,500

VIEW COMPLETE REPORT
1/10
Do you have an industry update?

top suburbs

12 month growth
Manyana
70.61%
Tamarama
70.55%
Box Hill
64.95%
Goodwood
64.38%
Bawley Point
63.64%
Lennox Head
62.11%
Casuarina
62.08%
Queenstown
61.31%
Warana
60%
Cooroibah
59.43%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.