Property auctions in the City of Hume were targeted by Consumer Affairs Victoria’s underquoting taskforce over the weekend.
Taskforce inspectors visited Craigieburn and surrounds to monitor auctions for compliance with auction and sales rules, after tracking 70 sales campaigns in the lead up to the weekend. This follows a spike in underquoting complaints in the area, which is popular with first home buyers.
Inspectors also took the opportunity to educate agents and buyers about underquoting laws.
The taskforce uses a range of methods to monitor the property market. This includes tracking sales campaigns, inspecting estate agencies and attending auctions. This latest auction sweep follows an inspection blitz in the Doncaster area earlier in the year.
Since it launched in September 2022, the taskforce has:
- received more than 4,200 complaints through its dedicated webform
- monitored over 2,500 sales campaigns
- attended 275 auctions
- issued 185 fines totalling over $2 million, and
- issued 244 official warnings to agents caught breaching their obligations.
It is also taking legal action against several agents for alleged breaches of the law.
More than one third of complaints are submitted by real estate agents, showing that agents doing the right thing are also frustrated with unfair and unlawful practices in their industry.
The underquoting taskforce was made permanent in August 2024.
If you suspect underquoting, report it to us.
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