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Perth real estate agents are ditching price guides in favour of open offers as the property market reaches new, unpredictable heights.
Strategic Property Group managing director Trent Fleskens said in a seller’s market, where demand far outstrips supply, homes listed at suggested values were at risk of being sold at a low price.
West Coast locals can expect to see similar market conditions to Sydney as the market tightens.Credit: stock
“Why be biased on price when the market is moving so quickly?” he said.
“As a seller, I would never advise you to underprice – you would only do that if there are fewer buyers than properties and you need to inspire confidence.”
Even when a property is advertised for sale with a valuation, there is no indication of what the property will actually sell for, such as the recent sale of a Girrawheen home for $1,000. $150,000 above the asking price – Cash payment, not less than, and only after one home opening.
“I’m even surprised by the prices people are paying,” Fleskens said.
“But this is a capitalist market – it’s not the sale of fruit and vegetables, it’s people’s homes, investment properties and assets.
“Under their terms, they can sell or not sell, and they have the right to use whatever ethical strategies they can to sell their home.”
Mr Fleiskins said Perth’s current situation was not new to buyers and sellers in the eastern states, but it would soon become the norm.
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