The government’s plan to require the disclosure of reserve now faces stiff opposition from the peak body for real estate agents.
The agent paid compensation to the former owners of the properties.
The revelations come at a critical point in the debate about how to tackle underquoting in Australia’s two largest cities.
But consumer groups and industry agitators say the only people disadvantaged by the reform are those agents currently “playing games” by providing misleading price guides.
The state government is set to introduce a new rule that will change everything about how houses are sold.
Real estate agents will be legally required to advertise a property’s reserve price at least a week before an auction or private sale deadline.
New data revealing the extent of bait pricing in the property market comes as the Victorian government considers ways to crack down on the illegal practice.
Buyers are furious,experts aren’t surprised,and here’s how property underquoting rogues get away with it.
Real estate agents who “cherry-pick” comparable sales prices to low-ball their property price guides will face penalties as the government announces stricter guidelines.
Data submitted to the government’s buried property market review shows homes selling for more than 100 per cent over the top of the guide.