In this episode, I unpack the murky (and often maddening) world of underquoting in Victoria—what it is, why it happens, and how you can protect yourself as a buyer. With over 13 years experience as a buyer’s agent, I’ve seen just how widespread and frustrating this issue is, and I’m breaking down not just the rules, but the real-world implications, examples, and strategies you need to know.
🔍 What I Cover:
- What underquoting actually is (according to Consumer Affairs Victoria)
- The 3 rules agents must follow when quoting a price
- Why Statement of Information pricing isn't always trustworthy
- Real examples of dodgy quoting practices
- Why some agents are “technically” following the rules but still misleading buyers
- How agents can use old or non-comparable sales to justify low quotes
- The grey areas where the law is hard to enforce
- What changes trigger a quote range update—and why that rarely happens
- Why you shouldn't assume all agents (or quote ranges) are dodgy
- Tips for decoding quote ranges before wasting time or money
- The uncomfortable truth: underquoting works (and that’s why it persists)
- The conflict agents face when trying to be ethical in an unethical environment
💡 Key Takeaways:
✅ Underquoting is illegal, but hard to prove
✅ The Statement of Information can be manipulated—do your own comparable sales analysis
✅ If a vendor has rejected an offer based on price, the quote range must be updated
✅ If rejected based on terms, it doesn’t mean they have to update the quote range
✅ If the vendor won’t consider pre-auction offers, the agent isn’t required to pass yours on
✅ Ask smart questions like:
“Can I confirm the top of the range would buy the property, assuming terms are acceptable?”🛠️ What You Can Do:
✅ DO:
- Educate yourself on comparable sales
- Learn what legislation agents must follow
- Don’t be afraid to ask direct but polite pricing questions
- Track what properties are selling for, not just what they're quoted at
- Know your market and monitor sale trends
🚫 DON’T:
- Assume all agents are doing the wrong thing (but don’t take them at face value either)
- Start a fight with an agent during the negotiation phase—it can backfire
- Waste money on building inspections without clarity on the vendor’s expectations
🧠 Final Thoughts:
There’s no perfect solution to underquoting. It’s an issue of compliance, competition, and at times—plain old bad behaviour. But as a buyer, you’re not powerless. Knowledge is your best defence.
And remember my motto:
Never let a bad agent, or a bad vendor, come between you and a good property.
🔗 Resources:
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