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Victorian crackdown on house price underquoting means national industry is on notice -

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A court's brought down a record fine against a Melbourne real estate agency for its underquoting of house prices.

Consumer Affairs Victoria brought the action against Hocking Stuart.

The agency says the penalty could be a step towards a more transparent market for buyers.

The Real Estate Institute of Australia says today's decision is a warning to all real estate agents that a cultural change to pricing is needed.

Featured:

Neville Sanders, Real Estate Institute of Australia President
Richard Wynne, Victoria's Planning Minister
Simon Cohen, Consumer Affairs Victoria Director