oz bound

Hi can anyone help me out here, we are busy looking at what we could afford when we do make it over to oz and was wondering.........

If a house in advertised at $400,000 for example, is this price offers over? or fixed price? If it is offers over then what is the trend? Here in the UK at the minute you are expected to pay 25% more than the asking price. Is it the same over there or is it more realistic.

Thanks for any help/info anyone can give

Ob

sammyg

I think by the UK you mean 'Scotland' as in England asking prices are certainly offers under asking price or at best 'asking price'

Sorry can't help with your question about the oz market but i believe people offer around and slightly under asking price??

BTW great system in Scotland with an offer being a legally binding agreement - about time they sorted that in England - stop people geting ripped off prior to exchange of contracts etc...

acbh2

It is legally binding but if someone decides to pull out its not worth chasing them due to the costs incurred! Only known it happen a couple of times tho

Axx

thebears

$400K = $600K in estate agents language

spottydog

Here in Sydney I've not seen it really mean a lot different to that in England. It the property is priced correctly they they will get the offers over price in the smae way as they would get the asking price. If not it will sit on the market till the price becomes reasonable. For example a house near us was at offers over $600,000 and they rejected offers below that but then didn't sell and in the end they changed the price to $589,000 and accepted $575,000 which was in the same as the range they refused 6 months earlier.

Alison1967

Depends on the asking price, it can get confusing ie: 320-340 or 320-390.
I would say they are looking for a optimum of 10% more but this is dependent on surburb or state.

The house we bought recently was offers over $365K and they were hoping for $385k but after on the market for 10wks accepted $360k.
If there is competition the price sold at can get a bit silly. We walked away from one for this reason and i believe the new owners overpaid by $35k

Good luck with it though

Ali

MD09

I would never pay the advertised price. They always mark properties up by 5-10% expecting people to put in lower offers. The same happens with cars at dealerships - only fools pay the ticket price.

It's a buyers market atm anyway (except for the higher end of the market).

esperanza

I really don't understand why people advertise their properties for a 'range' like $320-360 - who is going to opt for $360?! Why not just put the price that you want? It's weird!

Wilgar

Here!Here!

Wilgar

We are begining to look at houses in Sydney and there certainly seem to be a lot on the market .Tho` as always finding the house that ticks all boxes is not easy. According to Real Estate agent in this area I think you can offer slightly less than asking price.Many houses are sold at auction.Not been to one of these yet,and often the house handouts do not give a price guide so you do not know if they are in your price range.

framac

It may be different in each state, I dont know. If a property is advertised at $400,000 then you will not pay more for said house in Qld. Depending on market I would offer abt 380 and take it from there. House prices have boomed here in last 2 years so plenty of ppl wanting to cash in. You can play it by ear and advice from financial adviser whom you dont pay, the bank who gives the mortgage will pay them. Hope this helps
Where in Glasgow are you.

oz bound

Hi Framac,

thanks for that, we are on the south side of Glasgow, I take it your from Glagow too

ob

Plug

Makes me laugh when you see something like offers over $400k, that'll be $401k then........

Pootle

In melbourne properties are mainly sold at auction. The advertised price is usually offers over, eg $600k+. They will have a 'reserve' price which they want to sell at - usually about 10% over the advertised price. A property locally was up for auction over the weekend for $770k+ and sold for $1.1million!! Depends a lot on which area you're in and how many other people want the property.

Jayne_sunrise

Hi

In Brisbane, if a house is advertised at $400,000 they would be expecting offers close to that figure, most buyers would offer less and enter into negitiations. To offer a house to the market at a much lower price than market value, would be classed as bait advertising. Sometimes you will see a house advertised 'offers over $400,000' this would usually mean the sellers wouldn't accept anything below that price. In this instance, most buyers would offer a little over or the asking price and enter into negotiations.

Hope that helps!