Fletchers & Parker, Balwyn (VIC) prosecuted for underquoting 25 properties

Another Melbourne real estate agency in trouble with Consumer Affairs for allegedly underquoting, this time Fletchers & Parker, Balwyn office:

Underquoting: Consumer watchdog launches action against Melbourne agency - realestate.com.au

To be initially heard in the Federal Court on 10 February 2017.

 

Hocking Stuart being processed as well.

Good riddance. Hopefully all the really bad ones get prosecuted too

Underquoting is deceptive, wastes a lot of time and effort and has no consequences (until now) and hurts honest agents

 

Surely you'd think these situations could be legislated and policed a lot better and never get to this point? The rules have been in place since the 1970s in Melbourne I believe on how to legally advertise a property.

More than anything this becomes a major time wasting, false hope, unnecessary stressful situation to Melbourne buyers. The agents draw upon ridiculous crowds to these auctions when 90%+ can't afford the real asking / selling price - just so the agent can make the papers and evening news on how smart they are in marketing an auction campaign. Ooh the market is so hot and look how many missed out, and lets interview some of these people about how they will never own a home.

It needs to be a lot more transparent than this. Such as agreed selling price or reserve must be within X of the quoted price, and seller or anyone else can't keep moving the goal posts to suit them. Just an idea. We have all been there.