Underquoting in Real Estate transactions
Property Law
Melbourne real estate agents have recently been penalised for false and misleading representations in residential property sales. Agents have underquoted prospective buyers about the expected selling price of properties. Changes to the Estate Agents Act 1980 (Vic) have introduced new obligations for agents to prevent underquoting. Furthermore, an underquoting taskforce has recently been established by Consumer Affairs Victoria to investigate instances of underquoting. It is important for agents to be aware of their legal obligations to avoid underquoting and the consequences of breaching the Act.







