New data suggests underquoting declining

The proportion of inaccurately quoted price guides dropped by a third in February 2016 compared to last year, according to statistics released on Tuesday by property price prediction company RealAs.

In February 2015, agent underquoting hit an average of 13.9 per cent, compared to 9.7 per cent in 2016, according to the Sydney Morning Herald story.

It is a clear improvement for the first full auction month of the year and the first statistically reliable month since stringent new underquoting laws threatening stiff penalties have been in force, RealAs chief executive Josh Rowe said.

A NSW Fair Trading spokeswoman said Sydney’s property industry is “adapting well with the new laws”, introduced on January 1 this year and there was a “vast improvement in overall compliance”.

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