Propnex Melbourne and Cardamone Real Estate are facing penalties for allegedly underquoting and advertising properties for uncertain amounts. Propnex Melbourne principal agent Zi Zheng Huang claimed the underquoting was a mistake and not intentional. The underquoting taskforce was established two years ago to address this issue and has since attended numerous auctions, monitored sales campaigns, and issued fines totaling $1.6 million. Underquoting can waste the time and money of buyers, as properties may be advertised at prices lower than their actual selling value.
Underquoting occurs when a property is advertised at a price lower than the estimated selling price or the seller’s asking price. While there is a requirement to provide a price guide for properties for sale, there is no obligation for the vendor’s reserve price to fall within that range. Consumer Affairs Victoria has a “zero tolerance” approach to underquoting, with enforcement responses to identified breaches. The state government is set to increase penalties for real estate agents who engage in underquoting, with fines currently up to $39,500 for companies.
Propnex Melbourne and Cardamone Real Estate have both been issued fines for allegedly underquoting properties. Propnex Melbourne principal agent Zi Zheng Huang claimed the underquoting was unintentional and blamed it on a mistake in an advertisement. The underquoting taskforce was established two years ago to address this practice and to ensure fair pricing in the real estate market. Despite efforts to crack down on underquoting, it remains a concern for buyers who may end up wasting time and money on properties that are advertised at lower prices than their actual value.
Underquoting continues to be a problem in the real estate industry, with properties often advertised at prices lower than their actual selling value. The underquoting taskforce was set up to address this issue and has taken action against real estate agents who engage in this practice. Consumer Affairs Victoria has a “zero tolerance” approach to underquoting and enforces penalties for those found to be in breach of the law. The state government is taking steps to increase fines for underquoting, with penalties currently up to $39,500 for companies.
Propnex Melbourne principal agent Zi Zheng Huang and Cardamone Real Estate owner Peter Cardamone have both faced fines for allegedly underquoting properties. Huang claimed the underquoting was a mistake and not intentional, while Cardamone accepted responsibility for a former employee’s error. The underquoting taskforce has been monitoring sales campaigns and issuing fines to real estate agents who underquote properties. Underquoting can have negative impacts on buyers, who may be misled about the true value of properties they are interested in.
Underquoting in the real estate industry remains a concern, with properties often advertised at prices lower than their actual selling value. The underquoting taskforce was established to address this issue, and it has issued fines to real estate agents who engage in underquoting practices. Consumer Affairs Victoria has a “zero tolerance” approach to underquoting and takes enforcement action against those found to be in breach of the law. The state government is implementing changes to increase penalties for underquoting, with fines currently up to $39,500 for companies.
