Amy Lunardi
speaker
1,235 appearances
4 recordings
1 series
first heard May 2020
last heard Dec 2022
Amy Lunardi’s voice in public audio — every appearance, attributed to the second.
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Appearances
And I often hear people say things like, oh, if it were in a hot market and the property is quoted eight to eight 50, that means it's going to go for 900 plus.
That's not the case.
You can't actually apply any type of like rule or trend around quote ranges.
So when we're talking about
a private sale, there's either going to be a fixed price or there's going to be a range.
Now, what that says is that the vendor will accept that price or whenever it's a range, it's generally the top of the range in the absence of competition.
But competition might still take that above or you might get that for less, especially if your terms are good.
But if we're talking about auctions, the quote range is supposed to reflect two things.
One of which is comparable sales and what that property is worth.
And secondly, the vendor's expectations.
Now, the issue here is that sometimes agents can be a little bit cheeky with comparable sales and say things are comparable when they're not.
Or sometimes there can just be no really good comparable sales.
So that quote range can sometimes not reflect what the property is worth.
But secondly, a vendor's reserve or a vendor's expectations, the vendor doesn't necessarily want what the property is worth.
Sometimes they want way more.
Sometimes they want way less because they've motivated and perhaps they've bought another property and they just need to sell that.
So there's no hard and fast rule here.
And just as a practical example, in December late last year, I bid on a property.
It was quoted 1211.
And I bought that property for a million and 45 at auction because I did my comparable sales.
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