{"id":37202,"date":"2022-03-03T15:51:35","date_gmt":"2022-03-03T02:51:35","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37202"},"modified":"2022-03-03T15:51:35","modified_gmt":"2022-03-03T02:51:35","slug":"real-estate-agents-fined","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/real-estate-agents-fined\/","title":{"rendered":"Real estate agents fined"},"content":{"rendered":"

PHOTO: Underquoting will simply not be tolerated<\/strong><\/p>\n

One state is cracking down on underquoting after instances where properties sold for more than twice the amount of their original price guide.<\/p>\n

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NSW real estate agents and companies have been fined a whopping $250,000 for underquoting during property transactions.<\/p>\n<\/div>\n

And they\u2019re staring down the barrel of more penalties in what is a major crackdown for the industry.<\/p>\n

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Sexy real estate agents \u2013 FUN Instagram Page | sexy.agents<\/a><\/h2>\n<\/header>\n<\/div>\n

Several days ago, NSW Minister for Fair Trading Eleni Petinos announced that she was taking a long hard look into property price guides and that underquoting was not acceptable.<\/p>\n

\u201cUnderstating the expected price of a property for sale by providing false estimated selling prices of the property completely wastes the time and money of potential homebuyers,\u201d Ms Petinos said.<\/p>\n

\u201cUnderquoting will simply not be tolerated. We will continue to investigate and penalise where false prices are provided to consumers.\u201d<\/p>\n

A special NSW Fair Trading task-force has issued 114 infringement notices over the last year totalling a quarter of a million dollars. The bulk of that \u2014 $200,000 worth \u2014 occurred in the past nine months.<\/p>\n

And in a first for the state, harsh restrictions will be placed on \u201cserial underquoters\u201d.<\/p>\n

It comes off the back of an unprecedented year for the property market, where homes surged by 25 per cent in 12 months in what hasn\u2019t been since the mid-1980s housing boom.<\/p>\n

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The view from this one-bedder Birchgrove, Sydney, apartment which sold $700,000 more than its price guide.<\/strong><\/em><\/div>\n

Complaints about underquoting jumped significantly last year, with 329 reported in 2021 and just 97 recorded the year before.<\/p>\n

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Is \u2018underquoting\u2019 to blame for rising property prices<\/a><\/h2>\n<\/header>\n<\/div>\n

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