This article is from the Australian Property Journal archive
CONSUMER Affairs Victoria (CAV) has caught another Melbourne real estate agency engaged in underquoting.
According to CAV, Harcourts Wantirna admitted to engaging in the act in relation to 13 properties in Melbourne’s east.
Following investigations by CAV, the agency admitted to misleading potential buyers by using a ‘blind price’ on realestate.com.au that caused properties to be advertised in a lower price bracket than the agency’s estimated selling price.
Harcourts Wantirna also admitted to advertising properties on realestate.com.au with a lower price than the Estimated Selling Range.
In offering the undertaking, Harcourts Wantirna has agreed to contribute $60,000 to the Victorian Consumer Law Fund, implement a compliance program and prominently displaying a notice in their reception and website acknowledging the contraventions.
This is the fourth enforceable undertaking for underquoting made by a real estate agent in recent months.
Minister for Consumer Affairs Marlene Kairouz said this undertaking sends a strong message to agents doing the wrong thing.
“Underquoting is not a smart sales tactic – it’s illegal. Our home buyers deserve a fair go. There’s nothing clever about deceiving people who are making one of the biggest purchases of their life.
“We’re toughening up underquoting laws so people don’t spend time and money on properties they cannot afford.” Kairouz said.
Australian Property Journal
