Victoria's underquoting taskforce has issued about $3 million in fines since 2022 and received over 8,800 complaints, about a third of them from other agents.
A price guide is meant to be a genuine estimate of what a property will sell for. Underquoting means advertising a figure the seller or agent knows is lower than the likely sale price, to draw a crowd.
Consumer Affairs Victoria reports that its taskforce has issued about $3 million in fines since 2022 and received over 8,800 complaints. About a third of those complaints came from other agents, which tells you how widespread the practice is considered to be inside the industry.
Not every price guide is misleading. Treat each one as a claim, and check it against what similar homes actually sold for.
Questions to ask
- What recent comparable sales support this price guide?
- Has the guide changed since the property was first advertised, and why?
- Has the seller received any offers or indications above the guide?
Check it yourself
- Look up recent sales of similar properties nearby on public sales records.
- Compare the guide with the sold prices, not with the asking prices of other listings.
Source: Consumer Affairs Victoria
General education. Not legal, financial or engineering advice, and it says nothing about any specific property.
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