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Victorian real estate agents underquoting property prices to lure buyers to auction has reached ‘epidemic’ proportions according to the Australian Property Institute (API).
An API study of 471 auctions over spring found that more than 50 per cent of properties sold for 20 per cent or more above the quoted price. Only 10 per cent of properties sold within their quoted price.
“The Victorian government needs to step in and outlaw this practice,” API Victoria president Milton Cations said.
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“This practice does not occur to the same extent in other states and is an embarrassment to Victorian property practitioners.”
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