Campaign To Protect Home Buyers Against Underquoting

A new campaign will ensure prospective homebuyers know their rights under strict new underquoting laws introduced by the Andrews Labor Government to protect Victorians.

Premier Daniel Andrews joined Minister for Consumer Affairs, Gaming and Liquor Regulation Marlene Kairouz in Fairfield today to launch a new Underquoting Consumer Education Campaign.

The campaign will run across radio, social media and on major real estate websites from next week, ensuring people know their rights and read the Statements of Information during the busy Spring auction season.

The Statement of Information provides an indicative selling price and three comparable property sales that take into account the standard, condition and location of the properties and dates of sale.

Agents must also update pricing information for any changes in market trends and seller expectations, advertise a single price or a price range up to 10 per cent, and not use qualifying words or symbols like “from” or “or above”.

The consumer education campaign follows two years of action from Consumer Affairs Victoria, which has led to six court/tribunal cases and more than $285,000 in enforceable undertakings from real estate agents.

The campaign is part of a suite of reforms to boost housing affordability in Victoria, including the abolition of stamp duty for first home buyers on new and existing properties valued below $600,000.

More than 4,300 people have bought their first home since the Labor Government’s ground-breaking housing affordability reforms came into effect on 1 July. More than 3,700 of these paid no stamp duty and 624 paid less than they otherwise would have – saving first home buyers more than $76 million in total.

The Labor Government is also making renting fair. Its unprecedented package of reforms will give tenants more rights, allow for longer leases, make bonds smaller and fairer, and crack down on dodgy landlords and agents.

For further information, visit consumer.vic.gov.au.

Quotes attributable to Premier Daniel Andrews

“Underquoting is dishonest, misleading and against the law – and we’re ensuring prospective home buyers know their rights.”

“We’re putting fairness back into the property market – whether that’s for first home buyers or renters.”

Quotes attributable to Minister for Consumer Affairs, Gaming and Liquor Regulation Marlene Kairouz

“It’s important buyers have all the information they need to make an informed decision about one of the biggest purchases they’ll ever make – a new home.”

“This campaign builds on the extensive work of Consumer Affairs Victoria, ensuring real estate agents comply with our strict new laws to stamp out this dodgy practice.”