Victorian estate agency fined $330,000 for underquoting

A Victorian estate agency has been penalised $330,000 after admitting it had engaged in misleading and deceptive conduct.

Consumer Affairs Victoria took action against Hocking Stuart (Richmond) Pty Ltd  in the Federal Court of Australia, after our investigation revealed the agency had advertised price ranges lower than the expected selling price in the marketing of 11 properties in Richmond and Kew.

The company must also implement a compliance program aimed at educating its agents about their legal obligations under the Australian Consumer Law.

This program will include the appointment of a compliance officer to ensure that the program is effectively designed, delivered and maintained.

Hocking Stuart (Richmond) must also issue a notice acknowledging their contraventions in the Domain lift-out of The Age newspaper, and display the notice in their office for six months.

The company must pay the penalty into the Victorian Consumer Law Fund.

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