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Victorian government announces crackdown on real estate underquoting

The government has announced a crackdown on under-quoting in the real estate industry.

Consumer Affairs minister Jane Garrett revealed on 3AW Mornings fines would be double and agents faced losing commissions under the proposed changes.

Agents will also have to produce ‘fact sheets’ for potential buyers, highlighting prices for comparable properties sold in the area.

‘I think we will change the culture of this industry,’ Mr Garrett told Neil Mitchell.

UNDER THE CHANGES

  • Fines for underquoting will double to as much as $30,000.
  • A $30,000 fine for not producing a fact sheet.
  • Laws to make it possible to strip agent commissions for sales.

Click PLAY below to hear Jane Garrett explain the changes on 3AW 

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