- The Honourable Matthew Mason-Cox, MLCNSW Minister for Fair Trading
NSW Government: Make it compulsory to advertise auction reserve prices to stamp out underquoting and dummy bidding.
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Buyers right across Australia are sick of needlessly forking out hundreds, if not thousands, of dollars on pest and building inspections and legal fees when preparing for auction.
The fact is price guides are more often than not significantly below the price a selling agent knows a property is likely to sell at and well below what the vendor would actually accept thereby enticing buyers to think they can afford a property that is well above their budget.
It’s called underquoting and it’s a misleading and deceptive practice that needs to be stamped out.
This is why I am advocating for a more transparent process where there is a legal requirement to advertise the reserve price seven days out from a property auction.
Under this scenario, buyers will have the choice to go ahead and pay the lead up costs with confidence knowing that they are actually in the running to purchase the property.
With seven days notice, sellers will also have the choice to either continue with the auction or pull the auction and pursue a private treaty sale.
The real estate auction process is rife with underquoting and it’s time for buyers to take a stand and say ‘no’ to this unfair, misleading and deceptive practice.
Let’s make the real estate industry more transparent and encourage the NSW Government to take the lead on this important issue.
If you believe that the reserve price should be published seven days out from an auction – please sign this petition.
- NSW Minister for Fair Trading
The Honourable Matthew Mason-Cox, MLC
Despite being a breach of the Act, underquoting is rife. It is a major issue in the NSW real estate industry leaving thousands of prospective buyers frustrated, disappointed and unnecessarily out of pocket every week.
The fact is price guides are more often than not significantly below the price a selling agent knows a property is likely to sell at and well below what the vendor would actually accept.
Efforts to crack down on this practice to date have essentially failed.
We ask that you amend the current legislation and make it compulsory to publish the reserve price seven days out from a property auction in the interests of stamping out underquoting and dummy bidding.
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