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Property auctions in Melbourne’s north have been targeted by Victoria’s underquoting taskforce after a recent surge in complaints.
This past weekend, Consumer Affairs Victoria’s (CAV) taskforce inspectors visited Melbourne’s City of Hume in a bid to crack down on property auction underquoting.
The checks followed a spike in underquoting complaints in the area, which is popular among first home buyers.
CAV considers underquoting to be advertising a price that is less than the agent’s current estimated selling price, or the seller’s auction reserve price or asking price.
The watchdog said taskforce inspectors visited Craigieburn and surrounds to monitor auctions for compliance with rules, after monitoring 70 sales campaigns in the lead-up to the weekend.
“Inspectors also took the opportunity to educate agents and buyers about underquoting laws,” it said.
CAV employs a variety of methods to monitor compliance, including tracking sales campaigns, inspecting estate agencies, and attending auctions.
The taskforce has been productive since its launch in 2022, monitoring over 2,500 sales campaigns and attending 275 auctions.
It has issued 185 fines totalling over $2 million, and 244 official warnings to agents caught breaching their obligations.
Since its launch, the taskforce has received more than 4,200 complaints through its dedicated webform.
CAV is additionally taking legal action against several agents who allegedly breached the law.
“More than one-third of complaints are submitted by real estate agents, showing that agents doing the right thing are also frustrated with unfair and unlawful practices in their industry,” CAV concluded.
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