Five properties set to go under the hammer as part of Channel Nine’s The Block on Saturday will be closely monitored for compliance with the Andrews Labor Government’s new underquoting laws.
New laws introduced in Victoria in May mean real estate agents have to ensure prospective buyers are given information given information about comparable, recent property sales in the same area and ensure adverstised prices aren’t misleading.
Consumer Affairs Victoria (CAV) inspectors will monitor the five auctions to ensure compliance with the new requirements and review marketing material for the auctions beforehand.
The five properties will be auctioned on Saturday 28 October, with results to air as part of The Block finale on Sunday night.
“Many Australians will be tuning in to watch The Block finale on Sunday night and it’s important the auctions are held in line with Victoria’s strict real estate laws,” Minister for Consumer Affairs Marlene Kairouz said.