The common practice among estate agents of quoting a guide price which is far outstripped by the subsequent sale price of a house at auction is to be investigated by the working group.
Following sustained criticism of the practice, the IAVI held a "valuation refresher day" last April. However, since then there have been some huge differentials between guide prices and selling prices.
Last week, Charleston House Ranelagh, Dublin, a three-storey building split into seven units, was sold by Douglas Newman Good, for €2.2 million. The guide price was €1.1 million.
On the same day, Lisney sold a house in Charleville Square, Rathfarnham, Co Dublin - which had a guide price of 1.3 million - for 2.11 million.
The previous day Sherry FitzGerald sold a house in Bayswater Terrace, Sandycove, Co Dublin for 3.1 million - 1.1 million above the guide.
On June 2nd Sherry FitzGerald secured an even bigger margin above the guide for Redcourt, a redbrick property on Seafield Road East, Clontarf. The 1.65- acre property was originally given a guide of 4.5 million. It made 7.8 million at auction.
