New Underquoting Laws: Good or Bad?

Our Victorian Government is preparing for next year’s election. So, unpopular issues in the community are being addressed now to clear the way. One of these is the persistent, illegal, underquoting by estate agents.

Whilst the legislation is yet to be introduced, the Premier announced recently that a reserve price would have to be disclosed for auction at least 7 days prior to the auction date. Since it won’t change properties selling for well above this price, there have been plenty of critics. Providing false hope etc.

But compared to the current rampant deceit, this change is an improvement. Why shouldn’t a reserve be public? Maybe it should be in place earlier, but clarity on what the real expectations are will curb the current underquoting excesses. Not perfect, but an improvement.