Vic: Under and over quoting agents targeted

00-00-0000
Vic: Under and over quoting agents targeted

Victorian real estate agents who consistently under or over quote house prices to boostauction crowds will face hefty fines under new Victorian legislation.

The state government has today re-introduced legislation into parliament to outlawdummy bidding at auctions.

But there are several changes to the bill, which had to be re-introduced as it wasnot passed before last year's election.

Consumer Affairs Minister JOHN LENDERS says the ban on dummy bidding remains in thebill, with vendor bids having to be declared by the auctioneer.

Dummy bidders will face fines of up to $24,000 for individuals and $60,000 for corporations.

But Mr LENDERS says there are now also measures to crack down on under and over quoting.

He says agents who consistently under or over quote will be investigated by the Officeof Consumer Affairs and face fines of up to $20,000.

AAP RTV bp/gfr/kn/rp

KEYWORD: AUCTIONS VIC (MELBOURNE)