REIV Statement
The Age has today revealed the results of its year long investigation into underquoting in Victoria.
The REIV is keenly aware of how instances of non-compliance with Victoria’s underquoting laws can erode consumer confidence in the fairness of the residential property market.
That this is playing out against the backdrop of an ongoing national housing crisis, when prospective purchasers are desperate for a fair go, is only serving to compound the disenchantment with the property market.
The REIV strongly denounces any form of unlawful underquoting.
We remain committed to offering effective education and support to members to help ensure their regulatory compliance, including in respect of underquoting laws.
REIV Members would welcome the opportunity to leverage our insights and contribute constructively to a sector-wide response to address the practice.
It is time for the government to genuinely engage with the sector, understand the drivers for underquoting, and work together to develop an effective solution, informed by the agents' on-the-ground knowledge.