How to stop a property seller from tricking you into paying more
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Gullible property buyers are being lulled into thinking they have purchased a property by agents who use the signed contract to shop around for a higher price or persuade the vendor to sell the property at auction.
Agents and lawyers claim the âwidespreadâ practice of encouraging the vendor to postpone exchanging contracts is creating additional expense and jeopardising other opportunities for buyers who mistakenly believe they have nailed a deal.
Property buyers need to be aware of their rights - and responsibilities - to avoid losing deals.Â
Highlighting the pent-up demand for housing, almost half of the 785 successful Melbourne auctions recorded by CoreLogic were homes that sold before auction.
Auction clearance rates dip as housing boom slows
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Auction clearance rates dipped slightly in Sydney and Melbourne over the past week in a sign that the record-breaking housing surge may be slowing.
In both capital cities, lower auction clearance rates were recorded even though there were fewer homes listed for sale compared with a week ago.
This two-bedroom apartment in St Leonards sold $161,000 above the reserve for $1.656m
Sydney recorded a preliminary auction clearance rate of 82.1 per cent across 777 auctions, compared with last week’s preliminary figure of 84.8 per cent, later revised down to 81.5 per cent, according to CoreLogic.
Hot property market smashes reserves âout of the parkâ
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More people are bringing their homes to a market that is snapping up over three-quarters of dwellings offered up for sale, encouraged by record low interest rates and an economy recovering from the pandemic.
The number of scheduled auctions rose to 2451 in the week to Saturday, up from 2128 the previous week and the highest number this year to date, CoreLogic figures on Sunday showed.
The preliminary clearance rate of 81.9 per cent, based on results reported so far, fell below the previous weekâs initial 84.4 per cent and is likely to undershoot last weekâs final clearance rate of 79.6 per cent when more auction details are collected.