Underquoting and disclosure: what beginners need to check

A current document matters

For Victorian residential sales, Consumer Affairs Victoria’s live guidance, checked on 8 October 2026, describes the new Property Price Statement. It replaces the Statement of Information under changes starting on 1 October. The page distinguishes auctions and fixed-date sales held from 16 October from other sales from 1 October. An old downloaded template may therefore be the wrong starting point. Consumer Affairs Victoria, Underquoting information for real estate agents

Example: an employee finds an old price statement in a shared folder. Rather than reuse it, they check the regulator’s page and ask which version applies to that sale. This is an illustrative check, not advice about a particular property.

Understand the purpose

Buyers use price information to decide whether to spend time and money investigating a home. Sellers need clear advice too. An attractive price that cannot be supported can distort those decisions.

NSW guidance describes underquoting by reference to a statement or advertisement below the agent’s reasonable estimate of the likely selling price. Victoria has its own requirements. Do not copy one state’s process into another state’s file. NSW Government, Underquoting guidance for property professionals Consumer Affairs Victoria, Underquoting information for real estate agents

Know when to escalate

Ask who sets and reviews the estimate, what evidence supports it and how changes reach every advertisement and relevant document. If new information appears, send it to the responsible person promptly. Keep the source and date clear.

Disclosure reaches beyond price. NSW guidance warns that withholding information in circumstances where disclosure is reasonably expected can mislead. A junior worker should escalate an uncertain fact rather than decide that silence is harmless. NSW Government, Misrepresentation: information for property agents

Avoid dramatic conclusions

A reported issue does not let us predict a person’s career outcome. The response depends on the conduct, evidence, applicable law and regulator’s process. Take concerns seriously without inventing an automatic penalty or claiming that every error ends a career.

Market movement, unusual property features and limited comparable evidence can make assessment harder. They are reasons for careful work and review, not permission to use an unsupported figure.

Your next step

Save the current regulator page, check the transaction date and use your agency’s review process. Build the habit of asking, “What supports this statement, and has anything changed?” That question is useful before a price reaches a buyer.