The Property Trio (formerly The Property Planner, Buyer and Professor)

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ Watch our special recording for a masterclass on valuations! Weekly market update 1. Victoria the host of another Super Saturday This past weekend, Victoria hosted more than 1,000 auctions, which is referred to as a 'Super Saturday', with a whopping 1,414 homes going under the hammer. This time of year, going into winter, this number is unprecedented for a Saturday of auctions. The influx of stock can be put down to the most recent Covid lockdown and also school holidays starting. We could possibly see more Super Saturdays in July once school resumes. 2. CBA the first lender to raise assessment rates After APRA wrote to 14 of the biggest banks in the business, asking them to provide more data on their prudential practices, CBA was the first lender to raise their assessment rate from 5.1% to 5.25%. This is the first trickle of macro prudential regulation and APRA's light touch, which is likely to increase over the coming months as the next dominos (lenders) start to fall in line. 3. Adelaide crowned the 3rd most liveable city in the whole world The Economist Intelligence Unit's latest Global Liveability Index, which considered factors including healthcare, education and infrastructure across 140 cities around the world, has named Adelaide as the third most liveable city in the world. Perth, Melbourne and Brisbane also made the top 10, while six of the top ten cities are in New Zealand or Australia, where tight border controls have allowed residents to live relatively normal lives (through COVID), the report states. How to determine property value for your home 1. Using comparable sales refresher The Property Professor takes you through how to select comparable sales and the elements of the property to rate for valuation purposes. Plus, important details on which properties are NOT comparable and should be removed from your analysis. 2. How old is too old? The trio discuss when it's appropriate to use data from a year or more ago. While it may not be helpful in terms of a bank valuation, it can be useful for your own valuation purposes. 3. Twice the size doesn't equal twice the value The Property Professor explains the law of diminishing returns and why land size isn't always proportionate to the cost per square metre. In essence, the price per square metre reduces, the bigger the land size. These reductions are not linear and are determined by what the market desires, specific to a suburb or micro location. 4. The art and science of valuing While comparing apples with apples would make valuation a lot easier, it's nearly impossible to do. Every property is unique, after all. A great example of this is how street frontage and 'best and highest use' could turn two seemingly identical properties, into distant cousins. Overlay subjective perceptions, the psychology of missing out and the mathematical science of valuation quickly turns to a fine art of nuances and finesse. 5. Live example of valuation The Property Professor shares his methodology and reasoning behind valuing 20 Allen Avenue in Brooklyn Park which is going to auction the weekend after recording. The trio place their bets on the auction outcome. Stay tuned for our next episode to find out the result! Visit the show notes and watch our special recording - https://propertyplanning.com.au/how-to-determin...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's Ep#84, Dave, Cate and Pete take you through an episode dedicated to this question posed from one of our listeners: "Australia's economy is highly dependent on China, do you see immediate risk in the housing market should China reduce dependency on Australia's supply chain?" Market insights Housing market consumer sentiment moves into negative territory For the first time in a year, the Westpac Melbourne Institute Consumer Sentiment index on whether now is a good 'Time to buy a dwelling' has dropped below 100 and is now in pessimistic territory. This is the fifth monthly decline in a row, dropping 7.1% from May to June and the index is now 27% below its November high of 132. The shift in sentiment is mainly caused by rapid price rises over the last 6-9 months, supported by fringe factors including: increased fixed rates from lenders, with speculation of more increases to come and various government incentives coming to an end. This index generally is a forward indicator of markets, however it could be 3 to 6 months before we see any impact on the housing market, if not longer. The hope is that this signals the possibility of more sanguine value growth without the requirement of intervention from APRA placing extra limitations on borrowers. The property buyer isn't upset at the prospect of slightly relaxed competition levels either. Australia & China relations 1. Update from the G7 summit The Property Planner takes you through some of the communiques and resolutions formed in the 47th G7 summit, held on 11-13 June. The G7 is a meeting of the 7 largest Western democratic economies, including Canada, France, Germany, Italy, Japan, UK and the US. Australia and three other nations of Japan, South Korea and South Africa were invited to attend. The G7 pledged to tackle China's market-distorting economic practices which are currently affecting Australia's exports, as well as authoritarian actions in relation to Hong Kong. 2. Foreign investment and Australian property Australia is the fourth most popular residential property market after the US, UK and Singapore with ultra-high net worth Asian cross-border property investors. The Property Buyer shares key data showing that the overall market share of foreign buyers fell to 4% in the fourth quarter of 2020 in relation to new property. This is the lowest result since NAB started tracking the data in 2010. Harsh taxes were introduced in 2015-2017 for foreign investors, and for some local markets, this had a severe impact on asset prices. However, the taxes haven't had the devastating impact that many people feared would happen. 3. Why is Australian residential property so attractive to foreign investors? The Property Professor shares key insights from a special dissertation written by one of his students on the appeal of Australian property for Chinese investors, who sheds light on some of the key aspirational, social and financial motivations held by Chinese buyers. 4. Cultural based dwelling preferences The trio discuss how current dwelling preferences have been shaped by Australia's European heritage and discuss the expected changes from the current and future generation of Asian migrants to Australia. The Property Buyer shares some of the key preferences from Asian buyers, some of the positive influences on Australian housing design and layouts to modern day, and offers a hot tip on how you can gain an edge if you're finding that you're missing out at auction. 5. Iron ore - mutual dependence on trade between China and Australia Whilst the political environment betwee...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ Market insights 1. Regulation on the horizon as the property market continues to surge New data shows that property buyers are stretching towards their maximum borrowing capacity to compete in this hot market. Investors have been quiet in this market so far, but they are making a come-back, as first home buyer numbers start to taper. As we expect annualised growth to hit 15% for some of our capitals and regions in the coming months, the jungle drums will beat louder for regulator intervention to slow down the velocity of the growth. 2. Australia's AAA credit rating Australia is now one of only 9 economies to have a pristine AAA balance sheet recognised by all three of the world's largest credit rating agencies. This is great news for us, as it keeps our interest rates slightly lower, which we do enjoy as a capital importing nation. The AAA rating means that our interest rates are 0.15% lower than they otherwise would have been. Listener questions answered 1. The market seems to be at the top of its cycle. Is it a good time to invest in property or should we be waiting for the demand to subside or the chance that govt regulators will step in to curb prices? Whilst prices are undeniably on the rise, the trio firmly believe that we are certainly not yet at the top of the market. Any regulation introduced will be carefully planned so as not to de-stablise the market or cause a downturn, but simply to slow the acceleration of property price growth. The focus for regulators is optimising GDP and bringing unemployment down. The government will be loathe to introduce any measures that could hamper our economic recovery, particularly before the election. 2. What are the implications of waiting it out? If you would like to purchase property and are waiting for demand to subside or property prices to stop rising, it's likely that the market will move further away from you. There is great fear in purchasing at the top of a market cycle, however this only poses an issue if you crystalise losses by selling or if you have purchased a poor-quality asset in the first place. If your strategy is to purchase and hold for the long term, you will most likely be able to ride through any downturns. 3. Is now a good time to refinance? If so, why? The trio discuss the current conditions for refinance, which are fantastic. Property prices have gone up, so it's likely that property owners have more equity that can be tapped into and interest rates are the lowest they've ever been. This environment provides great opportunity to get on to a sharper rate and release some equity to protect and/or build your wealth. 4. What's your opinion on where interest rates will go over the next 12-18 months? Should I be fixing some of my debt now while fixed rates are low? The trio discuss the outlook for variable rates, which are linked to the RBA cash rate, while fixed rates which are connected to bond yields. Fixed rates are expected to rise, and even since recording, one major bank has increased their fixed rates by 0.25% and 0.45% for two of their fixed rate terms. This is likely to be the trend in the coming months as the $200B term funding facility that the Government has provided to banks is coming to an end in June. For reasons relating to our economic recovery, the variable rate is expected to remain nailed to the floor for some time to come, as consistently communicated by the RBA. 5. Considerations for fixing some of your debt The Property Planner explains why it's almost always a good idea to have some...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's market update Dave, Cate and Pete take you through: 1. Impact of lockdown #4 in Melbourne Whilst there may be a small lull, we expect activities to pick up where they left off after this small blip. Many auctions have been brought forward or held over zoom. We're seeing a bit of vendor discomfort in response to the COVID lockdown, but no buyer panic. If anything, buyers seem even more spurred on to compete hard for property. 2. Internal migrations The bigger picture is that internal migration to Melbourne could be impacted as there is now stigma around the ability to manage Covid and future outbreaks. This will have a lag effect for a period of time, but will most likely dissipate in the next 1 to 3 years. Development of quarantine facilities outside of the CBD is on the cards and this could have some positive implications for the Melbourne market. 3. The return of international students SA and NSW are making efforts to return back to normal, as international education is in the top 3 exports for every Australian state. We hope to see education get back up and running, watch this space. 4. May property Index results are out! May has returned the 8th consecutive month of growth for national housing values, reaching 2.2% in May and a stronger result than April's 1.8%. The Property Planner explains expectations of reaching 15% annual growth in all capitals in the next few months. The poorer months of June, July and August 2020 are still included in the annual growth rate, which are weighting it down even though the market has been booming for the last 6-9 months. Once these levels are reached, there will likely be greater noise in the media and political pressure for intervention against run-away house prices. 5. Capital cities are up on regionals for the month and the quarter We've had over a year of regional cities outperforming capital cities, due to the pandemic induced sea and tree change. For the second month this year, capital cities have outstripped the regions in monthly growth and as predicted, the tide is starting to turn towards capital cities. Regional areas are still exhibiting strong results, but the capital cities will catch up. 6. Taking a critical eye to median values The Property Professor takes you through some data analysis of the 'Turquiose coast' in SA, pointing out that median values can be unreliable when looking at the suburb or lower level, because of the smaller number of sales that the data is based on. Incentives can also skew data, such as concessions that have a cap on the value of the property that can be bought. 7. Upper and lower quartile analysis When markets are bullish, the upper quartile (the top 25%) tends to outperform, which is what we're currently seeing. This is because the people who have more money, spend at a greater level on higher priced properties. Conversely, when there is a downturn, the upper quartile tends to drop the furthest, because there are less buyers as a total proportion of all buyers who are circling the top quartile properties (based on affordability). In particular, at this price level people are more concerned about their level of wealth and hold on to their money. We're seeing this play out across the combined capitals, where the upper quartile increased by 9.2% over the quarter and the lowest quartile rose 4.2%. 8. Rentals - supply is dwindling and demand is increasing With the return of expats to Australia and an increased number of home buyers converting previous investment properties into homes, rental stock on the...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode, Dave, Cate and Pete take you through: Market insights 1. The number of vendors lifting their asking price mid-campaign has dropped New data from Domain reveals that the percentage of vendors who increase their asking price mid-campaign has lowered from March to April for Sydney, Melbourne, Brisbane and Canberra, which covers around 2 out of 3 property sales. This is likely occurring for a combination of reasons. Values are going up but not as fast as they were earlier this year, agents are more conscious of being busted for under-quoting, and vendor price expectations have risen since the rebound began in earnest. The locations with the highest proportion of vendors lifting their asking price is dominated by Sydney and Melbourne. 2. What are the clear signals that an agent is underquoting? This will normally be easy to spot if you've done your homework, know your market and are armed with your comparable sales. If an agent is saying that there are limited comparable sales or where sales provided are not actually comparable, they are probably trying to pull the wool over your eyes. Another factor for the lower quote could be because there is an issue with the property that the agent has factored in that you are not aware of! The important thing to remember is that you're highly unlikely to get lucky with an under-market purchase price on a good quality property. Conveyancing 101 1. What do conveyancers do? Conveyancing is the legal process of moving land or property from one owner to another and conducting the pre-purchase contract review and associated due diligence. The trio discuss the ins and outs of the conveyancing process, what are they responsible for and how you can engage either a solicitor or a licenced conveyancer to do the job. 2. What is the difference between a conveyancer and a solicitor? Either are sufficiently equipped to manage a property transfer and in the end, the most important factor is the quality of the service provider, not their official title. However, there are some key differences in the breadth of their advice that you should know before making your selection. 3. Can your conveyancing representative work Australia-wide? Property law and the conveyancing process differs state by state, which means a conveyancer must obtain a licence from the state in which they operate and cannot operate in states in which they are not licenced. This can be a huge positive, as you want your property conveyancing representative to be an absolute expert in the law relating to your property transaction. Having to be across one set of property laws and processes is hard enough, let alone seven. A solicitor on the other hand can work across all jurisdictions, although we would recommend working with local experts. 4. What are the limitations of your legal representatives due diligence? The trio discuss the elements of the property purchasing process that your conveyancer or solicitor will not do, which you must be on the look-out for! 5. What can go wrong? The Property Buyer takes you through the legal elements and deal-breakers that conveyancers can uncover during the conveyancing process, that buyers often miss. Tune in for the Property Planner's real-life examples where legal handy work has picked up illegal cladding, a vendor trying to slip through old body corporate minutes and incorrect fence lines, highlighting why it pays to have a great solicitor or conveyancer in your corner. 6. How do pre-purchase contract...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode, Dave, Cate and Pete take you through: Market update 1. Stamp duty and the VIC budget For Victoria, a new premium for stamp duty was announced for property transactions above $2million, increasing the duty payable for contracts entered into from 1 July 2021. The trio share their thoughts on this 'lazy taxation grab' from the government and the potential impact on both residential and commercial property investment in Victoria. 2. Sydney prices taking flight Latest figures from CoreLogic see growth in Sydney housing values reaching 9.21% in the last quarter. Annualised, that is 40% when compounded. The Sydney market is very hot indeed, but we do expect the heat to dissipate? Taking the lead from the other capital cities may not be an accurate gauge. Comparable sales 1. Valuation methods The Property Professor takes you through 3 of the most common methods of evaluating the price of a property: comparable sales, summation and income/capitalisation. Tune in to our show notes for a visual presentation. https://propertyplanning.com.au/how-to-determine-property-market-values-by-using-comparable-sales-ep-81/ 2. Finding comparable sales The main attributes that buyers should itemise to compare the subject property to are: similar location, land size, building size, building condition and the recency of sale. The trio discuss the ins and outs of what to be looking for in order to determine whether a sale is 'comparable'. 3. Additional property attributes that can impact value Other factors that could impact demand for a property (and therefore competition) include: topography, environmental factors, accessibility, utility services, town planning, zoning, other restrictions, improvements to the property, the potential for alternate use (commercial for example), views, orientation and shared ownership of common areas. 4. How to value a property Each component of a property can be boiled down to dollars and cents to arrive at an end figure - EG what you are willing to spend! The trio take you through how to attribute monetary value to the various components of the property and which factors are most important. The Property Buyer shares a hot tip when it comes to properties on main roads vs quiet streets. Don't forget, finding the similarities between properties is easy, the tricky part is identifying the differences and placing a value on those. 5. Case study....be sure to watch the video to get the most out of this educational experience In true lecturer style, the Property Professor takes you through a real-life example of finding comparable sales for a property going to auction on Saturday 22nd of May. Cate and Pete value the property and the expected result on auction day, with the disclaimer that there may be additional factors identified after walking through the property. 6. When is comparable sales methodology a challenge or impossible? The trio discuss the circumstances that may cause some obstacles for comparable sales analysis. The Property Planner issues an important reminder that comparable sales cannot be taken as gospel. 7. How to deal with anomaly sales results When you come across a sale that has a surprising result, it is important to understand the reasons behind it and the circumstances of the sale. What bank valuers often don't take into account is real estate agents with excellent digital marketing skills, irrational bidders and tenants that hinder access to the property. A...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's episode, Dave, Cate and Pete take you through: 1. Heat in the market is dissipating Anecdotally, we're seeing some behaviours such as vendors holding out for better prices that are not always being achieved, supporting the fact that the heat is coming out of the market to some degree. As touched on during recent Podcasts, we don't expect prices to be growing at quite the same rate of knots as the first four months of this year across most part of Australia. 2. Smaller capital cities have been the outperformers of the last 12 months. The latest property index results for April from CoreLogic reveal that Adelaide, Hobart, Darwin and Canberra have outperformed Sydney, Melbourne and Brisbane over the last year. We know that the larger capital cities took the biggest hit during the covid-downturn due to lockdowns and halting of international travel. It's worth noting that while Darwin and Perth are doing well, they are still behind their peak medians reached in 2014 and still have far to go. And many of the regions around our nation have also outperformed the two biggest cities, but Sydney in particular is making up ground rapidly and we expect these numbers to evolve over the next three to six months. 3. What tales are the vacancy rates telling? Looking at the vacancy rates for Melbourne and Sydney, you'd think that they are in dire straits. What's increasingly evident is that the markets of the largest capitals are operating at two speeds and there is a large disparity between vacancies for houses versus units. Much of the higher vacancy rate will be due to medium to high density apartments and student accommodation. This is another example of why you need to dig beneath the data, as it can't always be taken at face value, and generalising data can hide important detail. 4. The swinging pendulum - investors vs home buyers Investor mortgage numbers have recorded an increase, suggesting that the pendulum could be swinging back towards an investor market. First home buyers are starting to reduce, as prices get more unaffordable for new entrants to the property market. This latter point is one of the drivers for government initiatives that have been announced in our most recent federal budget. 5. Property incentives from the budget announcement The trio talk through the 4 key property market incentives and schemes announced in the federal budget, including their merits, insights gleaned and likely impact on the property market. They include: · New Home Guarantee (increase demand and price) - additional 10,000 places allowing first home buyers to build a new home or buy a newly built home on as little as 5% deposit, with the government acting as guarantor on the loan, freeing the buyer from lender's mortgage insurance. · First Home Super Saver Scheme (increase demand and prices): first home buyers will be able to release up to $50,000 as part of voluntary contributions under this scheme (increased from $30,000). · Family Home Guarantee (increase demand and prices) - a scheme allowing for 10,000 single parents over the next 4 years to purchase a home with a deposit of just 2%, with the government providing a guarantee of 18%. · Downsizer Super Scheme (Increase supply) - allowing those age 60 and above to contribute $300,000 into super when selling the family home. This will not only bolster retirement savings, but also free up critical housing stock. 6. RBA reiterates its commitment to maintaining a low cash rate The RBA have consistently communicated since mid 2020 that rates will remain low until inflation hits the target band ...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's Ep#100 of the Property Planner, Buyer and Professor Podcast, Dave, Cate and Pete take you through: 1. Walking down memory lane From the beginning of the podcast journey in March 2019 to now, much has changed in the world of property. The Property Planner, Buyer and Professor discuss the early days of podcast recording and how the podcast and listenership has evolved since then. 2. Our top 10 episodes, as rated by you! The results are in! After two years of podcast recording, the trio share with you our top 10 episodes with the most listens and the insights gleaned from each. 3. Dave, Cate and Pete's favourite episodes The Property Planner, Buyer and Professor take you through three of their most favourite episodes to date and why they're worth a re-listen. The trio each acknowledge that they too are constantly learning from each other. 4. The Property Planner, Buyer and Professor's hottest property tips The trio share their best tips and learnings after decades of experience in the property industry. Their tips include: attitude to taking action, expecting perfection, how to manage property investing on top of a full-time job, how often you should buy property and combining finances with your partner. Don't miss out on these tips! 5. A big thank you to our listeners The trio share the wonderful feedback received over the journey from our listeners. We couldn't have done it without you! We have some surprise listener engagement in store too. 6. And of course, our 'gold nuggets' Visit the show notes - https://propertyplanning.com.au/best-property-tips-in-australia-and-top-episodes-100th-episode-special-ep-80/

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's Ep#79 of the Property Planner, Buyer and Professor Podcast, Dave, Cate and Pete take you through: Market insights 1. Month on month growth reaches peak Some say that the housing market is beginning to show some signs of slowing. Agents who have been so inundated with activity are starting to return to their usual practices of performing pre-auction calls to firm up bidders. This signals that some of the heat in the market might be subsiding. The trio believe that we'll still continue to see positive growth, but not at the same rate of knots experienced over the last few months. The Property Buyer suggests that the velocity is decreasing despite the pace remaining positive. 2. Positive market indicators The latest unemployment figures released by the ABS for the month of March show unemployment lowering from 5.8% to 5.6%, which is great news. Iron Ore spot prices per tonne cracked $190, which is the highest price since 2011 and 1% off record highs in the mining boom years. This bodes well for the Government's coffers and our federal budget returning to surplus over the coming years. 3. Loan deferrals back on track In more positive news, only 0.5% of the million loans deferred due to Covid are still frozen. Many people who were hanging their hat on waiting for properties to flood the market because of forced sales have missed out on opportunities. Like we always say, there is no time like the present to purchase property, provided that you are making decisions based on your own personal economy. Timing the market is incredibly difficult, even for the property experts. 4. Houses outperform units Latest figures from CoreLogic reveal that for all capital cities (bar Melbourne), houses have performed units over the last year. That has been the case for many decades, but accentuated further through Covid where people were looking for bigger dwellings. We expect rental yield and capital growth for units to slow down even further. Cross collateralisation 1. What is cross collateralisation? Also known as cross securitisation, put simply, cross collateralisation is where you have a single loan secured by two or more properties. The Property Planner and Buyer unpack the myths that surround this loan structure strategy. 2. Why do people think cross collateralisation should be avoided? The main reason why people are averse to cross collateralisation, is the belief that by having a single property providing security for a loan, you are protecting your other assets from the bank in the event of loan default and forced mortgagee (lender) sale. If the value of property is not enough to extinguish the debt on the loan, the lender may look to your other assets to cover the shortfall. While retaining individual loans for each security property may limit a lender's ability to access your other assets, it is certainly not impossible and there are other legal means that lenders can use to access your other properties to recoup their losses. 3. Beware of spruikers! A large proponent of not crossing securities are property spruikers who are selling properties under the guise of 'free property advice'. This is because their aim is to convince people to buy multiple properties, with high loan to value ratios which are often poorer quality assets, with low prospects of capital growth. Brand new properties can often decline in value, so the spruiker is actually protecting themselves by advising against cross-collateralisation, and promoting assets are financed across multiple...

https://propertyplanning.com.au/propertyplannerbuyerprofessor/ In this week's Ep#78 of the Property Planner, Buyer and Professor Podcast, Dave, Cate and Pete take you through: Market insights 1. Stretching budgets and changing sentiments The gap between what a buyer can actually spend vs what they planned to spend is getting closer as we see buyers revise up their limits to compete in this market. We made a prediction that APRA would step in with macro prudential measures late this year or next, now every man and his dog is reporting on the potential for APRA intervention. Although APRA Chair Wayne Byres recently stated that APRA has no mandate to target the level of housing prices - they are simply a risk factor, not a goal. 2. Tips to increase your borrowing power The Property Planner and Buyer share the insider scoop on how you can increase your borrowing power to maximise your buying power. 3. Banks and economists revise UP their expectations for 2021 NAB is the latest bank to jump on board and predict 15% national price rises for 2021. This follows ANZ upping their predictions in late March to 17% growth this year. Recent reports tip Sydney and Perth to exhibit 19% capital growth each, 18% for Hobart, 16% for Melbourne and Brisbane and 13% for Adelaide. Preparing for auction #2 1. Can you have a 'subject to' clause at auction? A common misconception is that 'subject to' clauses cannot be introduced in an auction. The Property Buyer explains that although very rare, everything is negotiable. 2. Cooling off periods - what are they and when do they apply? A cooling off period is a purchaser's right to terminate the contract without needing to validate their decision. The cooling off periods and penalties vary State by State, so it's important to know your legislative rights and any penalties that may follow. 3. Boardroom auctions vs public auctions The Property Buyer takes you through the key differences between boardroom auctions and publicly scheduled auctions that you need to know about to put your best foot forward. 4. Getting yourself finance ready With turn-around times improving, it's possible to be finance ready if you plan to go to auction in three weeks' time. However, it's incredibly important to move with speed and have your finance arranged as early as possible. The Property Planner shares the critical need to be able to juggle multiple balls at the same time, rather than focusing on one thing at a time. 5. What prep do you need to do to get ready? If you want any variations to the contract or deposit terms, these need to be arranged before the big day. Doing your market research, planning and setting your bidding price point and strategy is critical and likely to take more than an afternoon. Ensure that you have not left this to the last minute! 6. What is an auction quote range and why you shouldn't rely on it In a moving market, an auction quote range at best can be wrong and unreliable, at worst, it's misleading. In determining a quote range, the agent is permitted to cover historical sales prices, (in Victoria for example; over the last 6 months), which could be 15-20% lower than the current market. The best thing is to do your own research and collect your own comparable sales. 7. Where to stand at auction The Property Buyer shares with you the key vantage points to give yourself the edge over the competition. 8. The differences between auction campaigns and private sale campaigns The Property...