Is “Gazumping” a Scrabble word?

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Yes
GAZUMPING
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Invalid

Meaning of Gazumping

verb
  1. 1.To swindle; to extort.

  2. 2.To raise the selling price of something (especially property) after previously agreeing to a lower one.

  3. 3.To buy a property by bidding more than the price of an existing, accepted offer.

noun
  1. 1.The act of one who gazumps.