Auction – Under quoting
Auction under quoting by real estate agents which involves estimating a selling price well under the market value of the property in the lead up to an auction has been a problem in Australia for many years. A recent investigation by the NSW Office of Fair Trading revealed prominent Sydney real estate agents were guilty of this and last weekend 11 Sydney agencies were fined as a result of the auction price of a property being greater than 20% of the minimum estimated selling price quoted to a potential purchaser.