Is underquoting back?
An auction at Caulfield South’s Winston Drive last Saturday upset buyers advocate Morrell and Koren, selling almost $200,000 over the advertised price of $580,000-plus.
Marketed by Gary Peer and Associates, the house hit reserve at $710,000.
It eventually sold for $772,500.
The buyer advocate has called for a review of recent underquoting legislation changes, in an attempt to quash the ‘quote it low watch it go’ philosophy it believes many agents subscribe to.
The responsible sales representative did not return Secret Agent’s calls, and the listing has been removed from the agency’s web-site.
Last year, the Australian Competition and Consumer Commission took the same agency to federal court after a property it initially advertised for ‘$600,000-plus’ passed in at auction for $781,000.
