Consumer Affairs Victoria’s Underquoting Taskforce attended auctions across Melbourne’s inner north last weekend.
More than 30 inspectors were at auctions in Merri-bek and Darebin to check compliance with auction and sales rules and speak with estate agents and potential home-buyers about their rights and responsibilities.
The latest inspections come as the taskforce reaches a significant milestone, issuing $3 million in fines since it was established in 2022.
Since then, the taskforce has monitored more than 3,200 sales campaigns, attended more than 500 auctions, issued more than 400 official warnings, and issued more than 260 fines.
Taskforce investigations have also led to legal action in more serious matters. This includes former Glen Waverley agency Harcourts Judd White and three of its agents' representatives, who are facing court accused of multiple cases of underquoting.
Agents who underquote risk losing their sales commissions and may face fines or penalties of more than $48,000 under the Estate Agents Act 1980. Underquoting may also attract penalties under the Australian Consumer Law of up to $100 million for corporations and $2.5 million for individuals.
Consumer Affairs Victoria Director Nicole Rich said the taskforce would continue taking action to ensure Victorians can have confidence in a fair and transparent property market.
“We know most agents want to do the right thing and it was pleasing to see well-run auctions over the weekend.”
“The taskforce has received more than 8,800 complaints through our dedicated web form, with around a third coming from other estate agents who are sick of seeing poor conduct.”
“Underquoting harms buyers and sellers and is unfair on other property professionals following the rules. Our taskforce will continue to inspect auctions, monitor sales campaigns and take action where we find agents doing the wrong thing.”
If you suspect underquoting, you can report it to us.