The Block Auctions Subject To New Underquoting Laws

Five properties set to go under the hammer as part of Channel Nine’s The Block on Saturday will be closely monitored for compliance with the Andrews Labor Government’s new underquoting laws.

The strict new laws introduced in May provide more transparency for home-buyers, with new requirements for how estate agents estimate and advertise selling prices, and ensure prospective buyers are given information about comparable, recent property sales in the same area.

Consumer Affairs Victoria (CAV) inspectors will monitor the five auctions to ensure compliance with the new requirements and review marketing material for the auctions beforehand.

This includes the Statement of Information that requires agents to provide 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.

The Block auctions coincide with the relaunch of Taskforce Vesta for the traditionally busy spring auction period – to ensure agents are fulfilling their requirements under the new legislation.

This complements CAV’s real estate compliance program, which monitors auction results throughout the year.

The five properties will be auctioned on Saturday 28 October, with results to air as part of The Block finale on Sunday night.

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

Quotes attributable to Minister for Consumer Affairs Marlene Kairouz

“Many Australians will be tuning in to watch The Block finale on Sunday night and it’s important the auctions are held in line with Victoria’s strict real estate laws.”

“We’re ensuring people aren’t misled when making one of the biggest purchases of their life.”

“Victoria is cracking down on underquoting, so inspectors will be on hand for The Block’s auctions on Saturday to ensure everything is above board.”