Victoria Cracks Down on Dodgy Real Estate Underquoting

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The Victorian Government is tightening its underquoting laws to prevent real estate agents from misleading homebuyers with unrealistic price guides.

From today, CAV can compel agents to justify the comparable sales they use to set property prices - including key attributes such as a home's age, design, renovation level, size, zoning and location. Agents that fail to maintain appropriate records or contravene these new rules will face significant fines.

The crackdown follows the thousands of complaints and investigations done by the state's underquoting task force, which has monitored over 2800 sales, issued 293 warnings, and fined agents $2.3 million since the laws began.

Consumer Affairs Minister Nick Staikos says the reforms are about making buying a home fairer and more transparent.

“Purchasing a home is already stressful - Victorians shouldn't have to deal with misleading price estimates," he said.

CAV Director Nicole Rich also promised the changes will aid honest agents and protect buyers: “We’ll continue to monitor campaigns closely — and won’t hesitate to act when we find wrongdoing.”

Industry bodies and experts have welcomed the move. The Real Estate Institute of Victoria said more transparency benefits everyone, while buyer's advocates noted that the reforms will help reduce — though not completely eliminate — underquoting, particularly in Melbourne's auction-heavy market. The new rules mark another major step toward restoring trust and fairness in Victoria’s property market.

Credit : Herald Sun

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