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NSW’s peak real estate industry body has called for “more granular oversight” amid Sydney’s underquoting crisis after damning statistics showed deceptive tactics are rife in the property market.
Real Estate Institute of NSW (REINSW) CEO Tim McKibbin said that “ more granular oversight” is needed in Sydney’s property market after recent data exposed a shocking underquoting crisis.
The urge for a crackdown comes after an investigation conducted by the Sydney Morning Herald and The Age, which recently analysed 36,000 auction sales in NSW and Victoria.
The data revealed that in Sydney, more than half of all sales landed more than 10 per cent above the advertised guide.
The analysis also revealed that 16 per cent of sales were 20 per cent or more above the advertised price in the city.
McKibbin said that the Harbour City’s position as the underquoting capital is “not a title Sydney wants”, adding that home buyers cope with enough stress already.
“Buying a home is the biggest acquisition most people will make in their life,” he said.
“That of itself is stressful, not having confidence in the market and process is an additional layer of stress.”
McKibbin, who is part of a confidential working group established by NSW Fair Trading, assured that action is being taken to curb the crisis.
“We know that past strategies haven’t worked, so we are taking approach,” he said.
“The working group comprises stakeholders across the industry, so we are gathering multiple perspectives.”
“I believe one of the solutions is to use technology to provide a more granular oversight of the market activity,” he concluded.
McKibbin’s request for further oversight comes after top agent Josh Tesolin was suspended from trading for 120 days over alleged breaches, including underquoting more than 100 properties.
Tesolin’s alleged offences also include dummy bidding and producing false documents, with an investigation by NSW Fair Trading resulting in his suspension
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