Consumer Affairs Victoria has withdrawn almost $30,000 in fines it had issued to prestige real estate agency Kay & Burton for underquoting and breaching real estate laws | elizabethredman
Consumer Affairs Victoria has withdrawn almost $30,000 in fines it had issued to prestige real estate agency Kay & Burton for underquoting and breaching real estate laws.for underquoting a property on Rose Street, Armadale, which sold for $5.8 million at auction in March – $1.4 million above the top of the asking price range.Eamon Gallagher
The watchdog had issued fines of the same amount over the sales of another property in South Yarra and one in Caulfield South.The Age Morrell still thought the Armadale home had been underquoted based on the outcome of the auction and the property’s price range. Underquoting can occur when a property is advertised at a price that is less than the estimated selling price, is less than the seller’s asking price or has already been rejected by the seller. However, underquoting is difficult to prove.CAV declined to comment on the case.
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