Victorian real estate agents will receive fines of more than $31,000 and face losing their commission in a new crackdown in underquoting.
New laws introduced in parliament on Thursday will force agents to provide prospective buyers with a comprehensive analysis including three recent comparable sales, an indicative selling price, and the median price for the suburb when listing properties.
Words or symbols in advertising such as “offers above”, “from” or “+” will also be banned.
Minister for Consumer Affairs, Gaming and Liquor Regulation Marlene Kairouz said since buying a home is one of the biggest decisions Victorians will make, buyers should be given a “level playing field”.
“Victorian homebuyers deserve a fair go,” she said in a statement on Thursday.
“This is about making sure they don’t waste time and money on properties they can’t afford.”
“These laws send a strong message to agents: think twice before you underquote properties to our homebuyers.”
Advertising price ranges of more than a 10 per cent increment, like $500,000-570,000 will also be banned.