Melbourne agents caught underquoting pay high price

[{"selector":"#anim-dc805970-1531-4c7e-842d-0d1f95b0e504 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] A TASKFORCE established by the Victorian state government has caught out Melbourne real estate agents who attempted to underquote homebuyers. Read more

[{"selector":"#anim-9493f9d7-5ad2-4c70-a11f-14c6328ca66d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The Consumer Affairs Victoria underquoting taskforce has tracked hundreds of sales campaigns in 2022-23, attending auctions and inspecting agents’ premises. Read more

[{"selector":"#anim-38213647-ec4c-4876-89c1-2b1e9afd2fa1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Underquoting not only wastes the time and money of people looking to buy a property but can distort the residential market. Read more

[{"selector":"#anim-76b61e54-0273-48d0-a878-b08d1a4dc22b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Over the 12 months to 30 June 2023, inspectors from Consumer Affairs Victoria issued 48 underquoting infringement notices... Read more

[{"selector":"#anim-4ebe1691-edc2-4c0e-a4df-601345b78f65 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “Underquoting is a scourge – we are stamping out this unacceptable behaviour to protect Victorians and make sure everyone has a fair chance at... Read more

[{"selector":"#anim-53d87b09-fb24-4dd6-8b0d-21322cdda0c4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “Dodgy practices are not on and every agent is on notice. If you see something that doesn’t seem right, make a report and that will help the... Read more

[{"selector":"#anim-06109f7b-7e5c-4605-a788-a5adb697ecc3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Advertising or advising a price that is less than the seller’s asking price, the agent’s current estimated selling price, or price in a written offer... Read more

[{"selector":"#anim-8de59d64-4e5f-46b9-a304-b385079ac942 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] And agents must update the price information they provide to buyers if any of these factors at any point throughout the sales campaign... Read more

[{"selector":"#anim-e5c4067e-3342-4134-8e81-44c1a709e474 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Agencies can receive penalties of over $36,000 and the loss of sales commissions, with underquoting potentially resulting in penalties of... Read more

[{"selector":"#anim-f219d8e3-5c88-4a20-8a99-3ace3bc39436 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The taskforce is enabled by data collected from complaints submitted to the Consumer Affairs Victoria website... Read more

[{"selector":"#anim-46f4883f-d928-44e3-a538-623d4e56368f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.5527136788005e-15%, 2.528317205966838e-7%) scale(0.8333333333333334)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Allowing the taskforce to identify the locations and agents with the highest amount of suspected underquoting, with inspectors... Read more

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Melbourne agents caught underquoting pay high price

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