77% of Agents Underquote. Here's the Data.
We matched 427,447 Domain listings to sold prices using 117 million listing events. Three in four agents list below what their property actually sells for.
Luke Metcalfe · Microburbs Research · 27 February 2026What Underquoting Actually Looks Like
You find a property listed at $950,000. You inspect it. You budget up to $1,000,000. It sells for $1,050,000. You missed out because you were working from the number the agent chose to show you, not the number the property actually sold for.
This happens on three in four transactions across Australia. The agent's listed price sits below the sold price at the median. Not by a little. The national median underquote is 3.5%, which is $35,000 on a $1 million property.
We matched 427,447 Domain property listings to their sold records using GNAF property identifiers drawn from 117 million listing events. This is not a sample or survey. It is the full dataset of matchable transactions between the portal and the sold registry.
The Worst Regions
| Region | Median Quote | Median Sold | Underquote |
|---|---|---|---|
| Sydney – Inner West | $1,650,000 | $1,790,000 | -7.9% |
| Adelaide – South | $800,000 | $880,000 | -7.7% |
| Melbourne – Inner East | $1,400,000 | $1,510,000 | -7.4% |
| Adelaide – West | $850,000 | $920,000 | -7.1% |
| Sydney – Eastern Suburbs | $2,125,000 | $2,250,000 | -6.8% |
| Adelaide – North | $675,000 | $733,000 | -6.8% |
Three Adelaide regions rank in the national top six. South Australia is the worst state overall (-5.8% median). The Northern Territory is the only jurisdiction with overquoting (+1.2%).
Real Properties, Real Gaps
Thomastown, Melbourne (+15.2%)
93% of 313 analysed sales exceeded their quoted guides. The dominant local agency handled 45% of trackable sales with a +16.0% median gap. On a $650,000 listing, the expected sale price is $754,000.
Morphett Vale, Adelaide (+14.1%)
98% of 516 sales exceeded guides by approximately $88,000 on typical $625,000 listings. South Australia's worst underquoting occurs on fixed-price listings, not auctions.
Marrickville, Sydney (+13.3%)
Properties exceeded guides by $153,000 on median $1.15M listings. Auctions drove most of the gap at +15.4% versus +8.9% off-market.
Braddon, Canberra (+4.2%)
Around $23,000 extra on typical apartments. Auctions showed +11.5% gaps versus +3.4% off-market across 67 sales.
Auctions Are Four Times Worse
| Sale Method | Transactions | Median Deviation |
|---|---|---|
| Auction | 89,431 | -8.4% |
| Price Listed | 367,892 | -2.0% |
| Offers / EOI | 48,219 | -3.1% |
| Contact Agent | 33,699 | -2.7% |
Auction properties sell 8.4% above guide at the median. Properties with a listed price sell 2.0% above. The gap is fourfold. Victorian auctions are worst at -10.3% versus -3.2% for non-auction.
It Is Getting Worse
A brief improvement in late 2024 and early 2025 has reversed. WA has seen the sharpest deterioration — from -3.4% in Q1 2025 to -6.8% in Q1 2026. All major states are now at or beyond mid-2024 levels.
Victoria introduced underquoting laws in 2017 and increased penalties in July 2024. NSW has had provisions since 2016. SA, QLD, and WA have no specific legislation. The legislation has not measurably changed behaviour. The trend line is going in the wrong direction in every regulated state.
Above $500K, Every Segment Underquotes
| Price Band | Median Underquote |
|---|---|
| Under $500K | +0.6% (accurate) |
| $500K–$750K | -3.6% |
| $750K–$1M | -4.7% |
| $1M–$1.5M | -4.6% |
| $1.5M–$2M | -4.8% |
| $2M–$3M | -5.1% |
| $3M+ | -4.9% |
Accurate Quoting Exists — Agents Choose Not To
3,412 agents in our dataset quote within ±1% of sold price. They exist in every state. 73% of the variance in quoting accuracy occurs within agencies, not between them. The agent next door to a chronic underquoter can quote accurately. It is a choice, not a market inevitability.
See Any Agent's Quoting Track Record
Check how any agent's listing prices compare to their actual sold prices. Based on real transactions.
Check an AgentRead the Research