The Allan Labor Government wall make the underquoting taskforce permanent - so they can continue to crackdown on dodgy conduct in the real estate industry.
Minister for Consumer Affairs Gabrielle Williams made the announcement with inspectors from the underquoting taskforce in Essendon today - before they head off and monitor auctions following complaints about agent behaviour in the area.
The taskforce was initially planned as a two-year operation but will now be a permanent enforcement arm of Consumer Affairs Victoria. The taskforce's work will protect Victorians from the illegal practice of underquoting while creating a fairer market for the many estate agents who do the right thing.
Since it was established, the taskforce has monitored more than 1,900 sales campaigns, attended more than 180 auctions, issued more than 320 official warnings and fines totalling more than $1.6 million. The taskforce also educates industry professionals on their responsibilities at auctions, with a focus on repeat non-compliance.
Consumer Affairs Victoria 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.
The underquoting taskforce continues to receive a high volume of reports through the dedicated underquoting complaints webform, with more than 2,800 reports submitted since it launched.
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.
Information on how to report underquoting can be found at consumer.vic.gov.au/housing.
As stated by Minister for Consumer Affairs Victoria Gabrielle Williams
"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."
"The taskforce is cracking down on underquoting 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."
As stated by Member for Niddrie Ben Carroll
"The underquoting taskforce is out in our community attending auctions and sending a strong signal to estate agents who are doing the wrong thing - we have a zero-tolerance approach to underquoting."
