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Property pricing for buyers: how to get ahead of the game

Here’s a game you can play, if you’re in the market for a property. A bit like closest to the pin. Estimate what you think a particular property to be auctioned might be worth. Wait for it to sell and see how near, or far off, the mark you are. Play this also without asking selling agents what they’re quoting. Their job, after all, is to get the best price for the vendor.

Of course, for those looking to buy a house or an apartment, working out its value is more akin to blood sport than amusement. Particularly when, as Domain Group senior economist Andrew Wilson says, “there is no true value”. Or as Nelson Alexander agent Arch Staver puts it: “The value is marginally more than what someone else is prepared to pay.” Read more here: http://news.domain.com.au/domain/real-estate-news/property-pricing-for-buyers-how-to-get-ahead-of-the-game-20150216-13d1xa.html

 

DISCLAIMER: This disclaimer is a requirement of the Securities Industry Legislation Act. The writer of this article is not a practicing lawyer or financier. The information, statements and opinions expressed are intended only as a guide as to some of the important considerations to be taken into account relating to property investment. I strongly suggest that you consult with licensed professionals such as accountants, Lawyers, Valuers, Development Consultants, Quantity Surveyors and others, BEFORE signing any contracts or other binding documents.