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Agency fined for underquoting $5.8m Melbourne home

Michael BlebyDeputy property editor

Sep 16, 2021 – 1.01pm

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Victoria’s competition regulator has slapped real estate agency Kay & Burton with a fine for underquoting, showing agent Grant Samuel – the son of former consumer protection tsar Graeme Samuel – marketed a home in Melbourne’s Armadale at a deceptively low price.

Consumer Affairs Victoria (CAV) fined the agency $9913 over its marketing of the 62 Rose Street home, which sold for $5.8 million at auction, nearly $2 million above the price guide, in an auction that lasted just 6½ minutes, and which triggered accusations of underquoting against the agency.

Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne.