Real estate agents in Sydney’s Inner West have been fined more than $66,000 after a recent Fair Trading crackdown, Minister for Better Regulation Matt Kean said.
Mr Kean said inspectors visited 37 real estate agents in the area, and found 27 to be non-compliant, with 19 fined for underquoting offences.
“The Inner West is one of the busiest real estate markets in Sydney right now, with more people wanting to live in the area than ever before,” Mr Kean said.
“Buying or selling can already be a stressful experience so I’m really disappointed to hear that some real estate agents are taking advantage of consumers, instead of looking out for their best interests.”
Underquoting is the process of publishing a property price below the likely selling price to generate more interest in the property.
Fair Trading compliance operations are based on a number of factors, including reports from the community about alleged underquoting.
“The latest operation found agents pitching expected sales prices far below the final value, or failing to provide mandatory written records on the expected price,” Mr Kean said.
“Overall, this is not a good report card with just 10 of the 37 agents found to be compliant with their responsibilities.
“I am absolutely committed to putting consumers first, and I have directed Fair Trading to continue cracking down on any business engaged in dodgy practices.”
The real estate agents inspected were located in Ashfield, Burwood, Canterbury, Croydon Park, Drummoyne, Dulwich Hill, Five Dock, Leichhardt, Marrickville, Newtown, Petersham, Strathfield and Summer Hill.
For more information on underquoting and real estate agent responsibilities, visit www.fairtrading.nsw.gov.au