Nicholas Skapoulas, director of Yarraville-based Nicholas Scott Real Estate, is facing disciplinary action at the Victorian Civil and Administrative Tribunal (VCAT) over allegations of underquoting in 11 property listings.
The case has been brought forward by Consumer Affairs Victoria’s underquoting taskforce, which monitors property sales and marketing practices across Melbourne.
Skapoulas is accused of providing Statements of Information that failed to meet legal standards, such as listing price guides lower than estimates given to sellers, omitting the suburb’s median sale price, or failing to include comparable sales data. He is also alleged to have failed to supply information requested under a statutory notice.
In a statement to The Age, Skapoulas denied wrongdoing: “We supplied them everything when they came to our office… No consumer has made any complaint about our office. We are working with Consumer Affairs.”
Underquoting occurs when properties are advertised at unrealistically low prices, leading buyers to waste time and money on inspections and finance for homes ultimately beyond their budget. In Victoria, sellers are legally required to provide a Statement of Information that includes an indicative price, median suburb price, and comparable sales.
Victoria’s Consumer Affairs Minister Nick Staikos affirmed the government’s commitment to cracking down on underquoting, saying the taskforce is sending a clear message that the practice “will not be tolerated.”
The date for the VCAT hearing has not yet been announced.
Source: The Age
