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How will new underquoting rules affect consumers?

By Matt Hurlston

Knowing you’re getting a fair price when buying or selling real estate in Carnegie is crucial, which is why steps are being taken across Victoria to ensure this is the case. The state has followed in the footsteps of New South Wales and introduced measures to better protect consumers when they enter the property market.

Significant fines will be imposed on those who don’t follow the regulations, which add to existing laws that make it illegal to underquote the value of a property. In simple terms, this means marketing the real estate for less than it is actually worth.

How will the changes affect me?

Real estate agents will no longer be able to use certain terminology when marketing properties. “Starting from” and “over” should be removed from for sale boards throughout the state.

Not only this, the price ranges that properties are advertised for will be no greater than a 10 per cent difference between the upper and lower ends. This will give you a much better idea of how much a piece of real estate in Carnegie is actually worth.

Agents will be required to give evidence of three similar properties in the local area that have recently sold, as well as a median sale price for homes in that particular suburb. This way, you can rest assured that whatever value your chosen property is marketed at will be an accurate representation of the market.

How should I choose a real estate agent?

Reputation is a good place to start when it comes to finding a real estate agent in Carnegie. Matt Hurlston has been in the industry for many years and has countless successful sales to his name.

Underquoting is something that is fortunately done by the minority rather than the majority, so if you’re buying or selling property in Carnegie, make sure you choose someone with all the right credentials.

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