Victorian Liberal Party promises new law to fine Agents for underquoting if re-elected

"Victoria’s government has promised new laws to deal with a “huge spike” in underquoting.

Planning Minister Matthew Guy said the coalition, if re-elected on November 29, would force agents to disclose the price range of all properties, Ninemsn reports.

Consumer Affairs Victoria would be able to monitor activity before and after auctions, with agents liable for fines of up to $29,000 if caught underquoting.

"There has been a huge spike in the number of complaints for real estate agents who have been underquoting the cost, or the expected cost, of a home to what it actually goes for at an auction,” Mr Guy told reporters.

"What we do not want to keep seeing is people constantly being taken advantage of, rolling up to auctions where the reserve price is $100,000 [or] $200,000 more than what is listed as the price range for the property."

The above is an excerpt from the article at: http://www.rebonline.com.au/breaking-news/8413-agents-facing-29-000-fines-for-underquoting

Four C Realty

Michelle Wang