I think legally they have to be within 10% of the official valuation of the property, but I suspect they often dip below that because it is almost impossible for the potential buyer to know what the official valuation has shown
It makes sense. You can complain to the ACCC but unless you've got the estimate in writing I imagine it'd be incredibly hard to prove that they're breaking the law, and without such proof the regulator can't really do much
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When we brought a place after the first one of these that was very obviously undervalued we just stopped believing anything the estate agents said and looked at similar places online. Reactive regulation is often the same as no regulation at all!
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Hm well maybe something can be done! I never managed to get it in writing when we were hunting, but I would love to see the situation improved
End of conversation
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