Sydney estate agents fined for underquoting

Estate agents in Sydney’s inner west have been fined for underquoting in breach of the law after being caught in a crackdown by the NSW Department of Fair Trading.

Nineteen unidentified agents in breach of the law were fined for underquoting.

Of the 37 agents visited in the area, 27 were deemed non-compliant, according to a statement from the Minister of Better Regulation Matt Kean who noted more than $66,000 was secured in fines.

Agents were found to be “pitching expected sales prices far below the final value, or failing to provide mandatory written records on the expected price,” Kean said.

The agents targeted for inspection were in the suburbs of Ashfield, Burwood, Canterbury, Croydon Park, Drummoyne, Dulwich Hill, Five Dock, Leichhardt, Marrickville, Newtown, Petersham, Strathfield and Summer Hill.

The government did not name the agencies that were fined.

“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,” Kean said.

“I’m really disappointed to hear that some real estate agents are taking advantage of consumers, instead of looking out for their best interests.”

The Department regularly undertakes compliance programs based on a range of factors, including market research, intelligence and complaints data, the spokesperson said. 

Real estate agents on the Northern Beaches had Fair Trade compliance inspections in March, with seven of 17 were fined for underquoting.

Western Sydney agents were checked in February, and 18 of the 24 agents inspected were fined for not meeting necessary standards, including underquoting.