Victoria made its Consumer Affairs underquoting unit permanent, with annual funding of as much as $2.2 million, after the team handed down over 320 warnings and penalties totalling more than $1.6 million. Agents and buyer’s advocates argued the 2017 legislation remained too weak, particularly because vendors could lift reserve prices at any point. They called for tougher penalties and earlier deadlines for setting reserves.
Reported by
Alesha Capone, Realestate.com.au, 8 September 2024
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