Consumer Affairs Victoria “does not have manpower or skills” to police underquoting: Petition
Looking to stamp out underquoting, Property Observer followed New South Wales buyer’s agent Patrick Bright on his push to have reserve prices published one week out from an auction. However, a Victorian petition has now arrived.
A petition has been launched in Victoria looking for a similar solution – but instead asks for the reserve price to be published from day one of the auction campaign. This would require the vendor to be ready with the reserve they are comfortable with from the day of advertising.
Property Observer regularly discusses underquoting. Here are six must know facts about the debate.
The petition, from Miriam Sandkuhler, John Keating, David Morrell, Christopher Koren and John Spragg, has over 100 signatures and asks for the Minister for Consumer Affairs, Premier, Opposition Leader and Shadow Minister for Consumer Affairs to take notice. It reflects the similar New South Wales petition from Bright.
“Buyers in Victoria and interstate are frustrated with being misled about property prices and needlessly spending thousands of dollars on unnecessary building and pest inspections and contract reviews when attending auctions,” the Victorian petition says.
“In addition, Consumer Affairs Victoria ‘Guidelines for real estate salespeople; price advertising and underquoting’ are also frequently not adhered to across property being advertised for sale by auction.”
It noted that efforts to crack down on underquoting “have failed” and that Consumer Affairs Victoria “does not have the manpower or the skills to police the problem to the extent necessary to have a real impact in shutting down the deceptive practice.”
They want to see the reserve price published in both print and electronic marketing materials from the very start of the campaign.
Property Observer poll respondents have noted that they would like to see reserve prices published.
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