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Consumer regulator says no underquoting on The Block

Consumer Affairs Victoria has cleared agents for The Block of any underquoting on reserve prices.

After the way the auction finished up, was there really any other conclusion?

Consumer Affairs Victoria has cleared The Block of any suggestion of underquoting its reserve prices.

Last week it seized documents and advertising information on the four Richmond properties to see whether the reserve prices on the houses had been too low.

Agents Hocking Stuart, Biggin & Scott, Woodards and Jellis Craig could have faced fines of close to $25,000 if found guilty.

“Consumer Affairs Victoria’s review of the sales and marketing campaign information found the auction outcomes tend to support the validity of the advertised prices,” a CAV spokeswoman said today.

Duh.

At the weekend auction just one of the four houses was sold, but all three have now been sold either at or just above their reserve prices.

But the raid has been criticised as a contributing factor to the anti-climactic finale.

”It comes as no surprise to me that Consumer Affairs cleared us of any wrong doing considering there wasn’t any wrongdoing from us in the first place,” Producer Julian Cress told The Age.

”In my view the publicity surrounding their so-called investigation contributed to potential buyers not attending the auction. It certainly had an effect on our outcome.”

5 Responses

  1. Producer Julian Cress dosn’t make any sense, with

    ”In my view the publicity surrounding their so-called investigation contributed to potential buyers not attending the auction. It certainly had an effect on our outcome.”

    The investigations where on under quouting! Those attending the auctions cleary viewed the properties as being overpriced!

  2. Great news and kind of makes sense but who do we get to investigate the underquoting of the value of the renovations done on the show? The price of labour alone is seriously misrepresented and detrimental to the building industry.

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