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Real estate industry on notice for misconduct: ACCC

The ACCC has put the real estate industry on notice, after they received a series of misconduct complaints.

The competition watchdog is proposing fines of more than $1 million for companies and up to $220,000 for individual agents that underquote, use dummy bidders at auctions and airbrush photos of properties.

The ACCC says it hopes the changes will become law next year.

Chairman Graham Samuel said if they have a suspicion that there is a problem in relation to a particular auction or agent, they will issue a substantiation notice.

“By the end of this year we’re hopeful that laws will be passed at a Federal level that will enable the ACCC to collect very substantial fines from business, corporations … and from individuals … for engaging in these sort of deceptive practices.”