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Agents across Victoria are now facing tighter oversight, with the government launching new underquoting guidelines to clearly outline expectations for property listings.
Agents who underquote continue to be in the Victorian government’s crosshairs, with new guidelines now requiring listings to reflect comparable local property prices before auction.
Under Victoria’s underquoting laws, the three most comparable local properties must be used as a guide when setting a listing's estimated sale price, and the property must not be advertised below this mark.
The new guidelines have introduced additional factors to be considered during appraisal, including whether properties have been renovated or unrenovated, similarities in nearby amenities, and whether near-identical dwellings in the same estate or complex have recently been sold.
The Victorian government said that its taskforce officers have identified instances where agents selected properties that were not among the three most similar to their own when setting a price guide.
Consumer Affairs Victoria (CAV) can also request that agents provide evidence of how they determined the three most similar properties, with penalties for failing to supply these records.
Agents in Victoria can list a property at auction for a set price, or within a range of 10 per cent, but it cannot be lower than the estimated sale value of the home, or lower than the seller’s asking price.
The new guidelines come amid a period of rapid reforms in Victoria, with recent changes to rental laws, as well as taskforce crackdowns, ensuring that agents remain compliant.
Director of CAV Nicole Rich said that the agency would not hesitate to impose penalties against agents found guilty of wrongdoing.
“These guidelines will help real estate agents do the right thing when it comes to setting a property’s selling price, while protecting Victorians from being misled when preparing to buy a home.”
“Our dedicated underquoting task force monitors sales campaigns from start to end to ensure that real estate agents are complying with the laws.”
Minister for Consumer Affairs Nick Staikos said that the new guidelines formed part of a larger plan to stamp out underquoting.
“Buying a home is one of the biggest decisions many Victorians will make – and it’s already a stressful enough process without misleading and dishonest price estimates,” Staikos concluded.
Since its launch, the task force has issued over 200 infringements to underquoters, totalling over $2.3 million in fines.
ABOUT THE AUTHOR
Mathew Williams
Born in the rural town of Griffith NSW, Mathew Williams is a graduate journalist who has always had a passion for storytelling. Having graduated from the University of Canberra with a Bachelor of Sports Media in 2023, Mathew recently made the move to Sydney from Canberra to pursue a career in journalism and has joined the Momentum Media team, writing for their real estate brands. Outside of journalism, Mathew is an avid fan of all things sports and regularly attends sporting events across Sydney. Get in touch at
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