Agents in Melbourne’s outer north have been put on notice as the state’s consumer affairs regulator launches its largest underquoting blitz to date, monitoring 100 auction campaigns.
Consumer Affairs Victoria (CAV) has launched its biggest underquoting crackdown to date in the City of Whittlesea, following a sustained increase in complaints about misleading prices.
CAV said the underquoting taskforce inspectors will be scrutinising 100 campaigns in the region, after using data to identify emerging hotspots and guide enforcement activity.
The region consists of established suburbs, Thomastown, Lalor, and Mill Park, and rapidly growing communities like Donnybrook and Wollert, increasingly popular with first home buyers.
According to the regulator, after spring, autumn was the busiest time of year for auctions, making it a key period for monitoring compliance with underquoting laws.
Apart from attending auctions, officers monitor the property market by tracking sales campaigns, inspecting agencies, and receiving reports of suspected underquoting from homebuyers.
A CAV spokesperson told REB that it took complaints of underquoting very seriously and would take action where necessary.
“We expect all estate agents to follow the law and accurately represent the property they are selling,” they said.
“We encourage anyone with concerns of underquoting to report it to Consumer Affairs Victoria.”
CAV said underquoting was the most-reported real estate issue, and it had received more than 6,000 reports of suspected underquoting through its dedicated web form since launching.
Recently, regulators nationwide have been cracking down on the issue, with NSW Fair Trading imposing a 10-year ban on former Ray White agent Josh Tesolin for alleged systematic underquoting, among other misconduct.
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