Real estate agents who underquote property listings will be forced to follow stricter guidelines to justify their price guides after an investigation found agents have been deliberately using bogus “comparable” properties to justify the illegal practice.

Agents who set a property’s reserve price based on comparable sales must now base it on a home’s age, architectural style, renovation status, floor and land size, zoning, distance from key infrastructure and whether it has special features, such as a swimming pool or tennis court.

In the past, a comparable property in Melbourne was only defined as “of a similar standard or condition” and sold both within two kilometres of the home for sale and within the past six months, as set out in statement of information requirements.

Consumer Affa

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