Login
iscover
An agent from north-western Sydney is under investigation by NSW Fair Trading due to accusations of underquoting.
NSW Fair Trading has launched an investigation into real estate agent Josh Tesolin and his agency Ray White Quakers Hill, over recent accusations of underquoting.
As reported yesterday by The Daily Mail, a NSW Fair Trading spokeswoman explained that an investigation had been launched into the Quakers Hill agency following “proactive compliance blitzes into alleged underquoting and complaints”.
“As this investigation is ongoing, no further comment is available at this time,” the spokesperson said.
Underquoting has been illegal in NSW since 1 January 2016, when reforms that were created to stop real estate agents from understating property prices were introduced to the “Property Stock and Business Agents Act (NSW) 2022”.
Earlier this year at a Parliamentary committee meeting, Minister for Better Regulation and Fair Trading Anoulack Chanthivong said that underquoting had been a priority focus of the Strata and Property Services Taskforce to lift the sector standards.
Chanthivong noted that 379 inspections into underquoting were conducted in NSW during FY2023–24, resulting in 148 identified breaches that led to approximately $143,000 worth of penalty infringement notices.
Chanthivong stated that going forward, the regulator would address underquoting through both regulatory measures and engagement with the industry.
Earlier this year, in March, members of Consumer Affairs Victoria visited over 50 auctions across Doncaster and the surrounding suburbs to address complaints about agent misconduct, and noted that underquoting is the top real estate sales issue the regulator is contacted for.
Victorian Consumer Affairs director Nicole Rich said the “deceptive conduct has no place in Victoria’s real estate market”.
“Underquoting is an unfair practice that can mislead prospective buyers into spending time and money on properties that were always outside their budget and can distort the market,” Rich said.
Real Estate Business does not allege that Tesolin or Ray White Quakers Hill has underquoted any sales and only acknowledges that NSW Fair Trading has begun to investigate the agency.
You are not authorised to post comments.
Comments will undergo moderation before they get published.