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+2 here. Building inspections, unfortunately and until the rules change, will continue to form part of the necessary DD in attempting to buy a residence. Just as strata reports should be conducted on units, they are part and parcel of the buying process. More the fool who doesn't carry out...

That's fine for you and me, Prop. After all, we know our market segments and conduct proper DD but its the one-off and greener buyers I feel sorry for. Its difficult to develop a "feel" for prices in some suburbs when 2 out of every 3 properties is going to auction (think East, Inner West, LNS...

Valid point. Whilst I'd agree that there's a small % of unrealistic vendors who hike the reserve up on auction day (perhaps the crowd makes them greedy?!) the majority are well informed by the agents throughout the process, with only the most desperate agents taking on unrealistic clients in...

Good. There should be more of this. As members will know, I loathe underquoting and have posted many times previously regarding the practice. Some recent examples in Sydney..... Quoted $1.3m sold $1.57m Quoted $700K sold $820K Quoted $900K sold $1.16m Quoted $800-850K sold $1.18m...