• Real estate agency Hocking Stuart has been slapped with a $330,000 fine after admitting to underquoting properties it advertised for sale.

The punishment — a record penalty for underquoting in Victoria — was handed down in the Federal Court on Thursday, sparked by a state government audit of the market last year.

Hocking Stuart Richmond will fork out the penalties for behaviour which Justice John Middleton told the court was serious.

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The property watchdog investigated Hocking Stuart in Richmond for underquoting. Photo: Josh Robenstone