Real estate agency charged after auction sale smashes price guide

webnexttech | Real estate agency charged after auction sale smashes price guide

A real estate company has been charged for allegedly underquoting a townhouse in Melbourne’s north-east that sold at auction for 40 per cent more than the highest estimated selling price. The townhouse at 3/27-29 Kenilworth Parade in Ivanhoe was initially listed last year for $900,000 to $950,000, but that estimate was raised to $1 million to $1.1 million after a few days following buyer feedback. It sold in July for $1,538,000. Following an investigation sparked by complaints from buyers, Consumer Affairs Victoria filed criminal charges against Manningham Sales Pty Ltd – trading as Barry Plant Manningham – for failing to provide a reasonable estimated selling price on two separate occasions. The charges include that the agency claimed it could not find comparable properties that had sold in Ivanhoe.

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