The Australian: Homebuyers left with ‘no chance in hell’ as underquoting leaves hopes dashed
Potential homebuyers are turning up to auctions with “no chance in hell”, as underquoting agents use a loophole to avoid disclosing prior offers, market watchers way.
Would-be buyers have been left so frustrated chasing properties that end up selling far beyond their reach that they’ve shelved their home ownership aspirations altogether, agents have told NCA NewsWire.
“I’m seeing a bit of pushback from the buyers that are going, ‘You know what? I just don’t want to participate in this market, I’ve had enough’,” he said.
Underquoting is the illegal practice of falsely advertising property or indicating it will sell for less than its estimated selling price.
In recent months, Victorian and NSW authorities have fielded dozens of complaints about underquoting as cashed-up buyers try to take advantage of record low rates and government incentives in a heated market in which demand outstrips supply.
Read more on The Australian.