Real estate agency faces $100m fine for misleading buyers with price guide

An Aussie real estate agency is facing a $100m fine for underquoting at auctions. And auctioneer Haesley Cush reveals why Queensland’s no-price-guide system offers a better solution.A $100 million dollar fine. You read that right, a ONE HUNDRED MILLION DOLLAR FINE is what a real estate agency is facing in Melbourne for underquoting at auctions.Surely there is an easier way. The Queensland way!Plenty of southern real estate ‘experts’ have travelled north of the border to try and tell us that ‘price guides’ are almost essential when it comes to auctions.Auctioneer Haesley Cush says trying to ascertain the “just right” price is nearly impossible Pic: iStock.But when you look at the trouble they are in down there currently, you would think that maybe they should look up north for their solution.Having no price guide from an agent does make it harder to gauge if you can afford a property and whether you should investigate it, but what’s worse?Being told you can afford it and later find out you were never in with a chance.When you break it down there is almost no way to win when you give a price guide.Go too low and you mislead buyers, go too high and no one engages with the property. Tr...