property underquoting

Fair Trading to ‘crack down’ on property underquoting

PHOTO: Fair Trading inspectors will visit real estate agencies, auctions and open homes. Photo: Peter Rae

Dodgy real estate agents have been put on notice, with Fair Trading inspectors hitting the ground to crack down on property underquoting.

Sydney real estate agents were issued with almost $21,500 in fines for breaches of the property act last week, in the lead-up to last Saturday’s bumper auction day when more than 1200 homes were scheduled to go under the hammer.

Inspectors identified 47 breaches of the Property Stock and Business Agents Act while inspecting 38 sales agents over the five-day compliance program, which ended ahead of the Super Saturday of auctions, the Sydney property market’s biggest auction day ever.

Fourteen penalty infringement notices totalling $21,450 were issued, but it’s unclear how many agents were fined and how many breaches related to underquoting.

Minister for Better Regulation Kevin Anderson announced on Wednesday that teams of inspectors would be focusing on the illegal practice of falsely advertising property or indicating they will sell for less than the estimated selling price.

Buyers have been left increasingly frustrated in Sydney’s rising property market, as advertised price guides are routinely being outpaced by sale prices, with many Sydney buyers automatically now adding at least 20 per cent to a quoted price.

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