QLD Attorney General, Jarrod Blejie, is introducing to Queensland new laws which will mean that real estate agents could be fined $60,000 for giving a price guide to home hunters for properties up for auction. The motivation for Mr Blejie behind this radical new law is the ‘price baiting’ in the southern states. ‘The issue of ‘price baiting’ at auctions, which tricks buyers into thinking a home is within their price range, has become a big problem in other states and that’s what the legislation is designed to prevent,’ Mr Blejie says. This new law has been given support by the Real Estate

Consumer Affairs in Victoria says that in Melbourne underquoting is not a big problem, and believes that Queensland is overstating the problem in Melbourne. ‘In terms of the technical requirements of the legislation, we would not consider underquoting to be a significant problem in Victoria,’ acting director of Consumer Affairs Victoria, Mr D’Adamo said.

The plan for denying buyers price guides even has the support of the head of the Real Estate Institute of Queensland, Anton Kardash, who says: "We aren’t going to do it the way it’s done in Sydney and Melbourne and I think buyers will have to come to grips with that."

What do you think? Are Real Estate agents underquoting? And do you agree with QLD’s new laws?