The Australian Competition and Consumer Commission’s (ACCC) suggested amendments to the Trade Practices Act have been welcomed by industry bodies from across Australia.
The Commission’s proposed amendments include fines of more than $1 million for companies and up to $220,000 for individual agents that underquote, use dummy bidders at auctions and airbrush photos of properties.
RP Data CEO Graham Mirabito yesterday said he supported the amendments and was a firm believer in transparency in the real estate industry.
“A national set of rules will provide standardisation across the industry which will assist in boosting the credibility and consistency of the real estate industry as a whole,” Mr Mirabito said.
“Australians have over 70 per cent of their wealth underpinned by property and they rely on their trusted advisors to provide them with transparency and relevant reports in order to make confident decisions.”