The state government will make the under-quoting task-force permanent to crackdown on dubious conduct in the real estate industry.
Minister for Consumer Affairs Gabrielle Williams made the announcement with inspectors from the under-quoting task-force in Essendon on September 2.
“Underquoting is illegal, and estate agents who engage in this dodgy practice face tough consequences – our underquoting taskforce has already issued more than $1.6 million in fines,” she said.
“The taskforce is cracking down on under-quoting and making our property market fairer for buyers and industry professionals who do the right thing – that’s why we are making it a permanent.”
It was planned as a two-year operation but will now be a permanent enforcement part of the Consumer Affairs Victoria (CAV).
The taskforce will work to protect Victorians from the illegal practice of under-quoting while creating a fairer market for the many estate agents who do the right thing.
Since it has begun, the taskforce has monitored over 1,900 sales campaigns, attended more than 180 auctions, issued more than 320 official warnings and fines totalling more than $1.6 million.
Additionally, the taskforce educates industry professionals on their responsibilities at auctions, with a focus on repeat non-compliance.
CAV has launched two new criminal court proceedings against estate agencies who elected not to pay their fines after being caught allegedly advertising properties for uncertain amounts.
Fines for this offence are $2,371 for individuals and $11,855 for companies.
There was a 70 per cent increase in reports received by the taskforce in 2023/24, and an increasing number of these reports come from estate agents – showing that those who do the right thing are frustrated by dodgy competitors.
Making the taskforce permanent ensures there will continue to be zero tolerance for deceptive practices in the real estate industry.
Details:consumer.vic.gov.au/housing.
