Media Releases

Time for Fair Trading to admit underquoting fail

17 July 2015

NSW Fair Trading must commence a constructive and cooperative dialogue with the property industry in order to effectively remedy underquoting and the various misconceptions attaching to it, according to the Real Estate Institute of New South Wales.

REINSW President Malcolm Gunning said New South Wales has had legislation prohibiting underquoting since 2002, however Fair Trading have failed to comprehend or address the issue.

“Fair Trading clearly do not understand the issues,” Mr Gunning said. “Fair Trading has been completely and totally ineffective in its approach and policing of underquoting for the last 13 years.

“The industry has been tarnished by Fair Trading’s failure to properly understand and address the problem. Fair Trading have preferred to grab headlines rather than seriously address the issues.

“Fair Trading’s persistence with the same old tired strategies do not serve the consumer or the property industry.

“The greatest challenge is for Fair Trading to admit its failings to date and commence a constructive and cooperative dialogue with industry.

“REINSW is ready for this change in direction and we would welcome the opportunity to work together to develop strategies to address underquoting which is a blemish on our industry and damages consumer confidence,“ Mr Gunning said. 

For further information or to arrange an interview with REINSW President Malcolm Gunning, contact Helen at media@reinsw.com.au or 0419 642 961.