OFT crackdown on Underquoting

[Jacque]

One of our BA's bid at an Inner West property on Saturday and noted a larger than usual crowd... wonder if it was the crackdown team from OFT?

http://smh.domain.com.au/real-estat...swoop-on-weekend-auctions-20121116-29hd8.html

About time there was some activity here- underquoting is still more than "sporadic" here in Sydney, with those that do it giving those that don't a bad rap and name in the industry. One of my pet hates is the ambiguous usage of the + symbol.... the only way the OFT can (and does) act, however, is by increasing complaints from consumers, so next time it happens to you- feel free to dob in the agency involved. This practice clearly needs to be cleaned up.

f you have been underquoted in the process of buying or looking to buy, then write to the OFT - nothing is likely to change until more selling agents are fined.

Fair Trading
PO Box 972
Parramatta, NSW 2124

 

[dubjohnston]

I totally agree. Don't feel bad dobbing them in. The Melbourne RE advertising market is a joke. You might as well add a freakin naught to the value.. its a joke.. Everytime I have bought is SA, the advertised price is pretty much within the range..

 

[Burramys]

Since underquoting laws were introduced in Victoria a few years ago, very few prosecutions have taken place. If underquoting can work elsewhere, as appears to be the case in SA, then it can work here – if the law is enforced. That said, it can be mighty hard to estimate an EPR. I saw a ground floor flat of three bedrooms that had been fully renovated just before sale go for about $550 000. Six weeks later a two bedroom flat in the same stairwell, first floor, no reno, good view of the rubbish bins, sold for nearly $700 000, way over the market, with two idiot bidders suffering from a rush of blood to their heads. This property is now worth about $600-650 000.