A real estate agent is facing legal action after a taskforce accused him and his agency of underquoting 11 different properties.
Victorian agent Nicholas Skapoulas and his agency, Nicholas Scott Real Estate, are set to face Victoria’s Civil and Administrative Tribunal for disciplinary proceedings.
Mr Skapoulas, who has over 30 years experience, is the first real estate agent to face such disciplinary action from Consumer Affairs Victoria’s taskforce.
If found to have breached the state’s underquoting laws, Mr Skapoulas could have his license suspended or permanently cancelled.
The taskforce examined quoted sales prices and auction results in suburbs in Melbourne‘s north-east on Saturday.
It alleges Mr Skapoulas and his agency underquoted 11 properties and advertised a selling price less than what had been agreed with the vendor.
The underquoting taskforce also alleges the agent and his agency did not list the ‘median selling price or comparable properties in the area’.
Nicholas Scott Real Estate employs three other licensed real estate agents, along with agents’ representatives. Daily Mail Australia is not suggesting any of Mr Skapoulas’ other licensed real estate agents or agents’ representatives have been accused of any wrongdoing.
Victorian real estate agent Nicholas Skapoulas (pictured) and his agency, Nicholas Scott Real Estate, are set to face disciplinary proceedings for underquoting 11 homes in Melbourne
If found guilty, Mr Skapoulas could have his license suspended or permanently cancelled
The tactic of underquoting is used to widen the pool of interested buyers without any intention of selling at that price, and then telling potential purchasers they need to offer more.
Consumer Affairs Minister Nick Staikos said underquoting was dishonest and usually preyed upon first home buyers.
‘Underquoting is a very dishonest practice that draws prospective home buyers into property sales where they couldn’t actually afford the property to begin with,’ Staikos told A Current Affair.
Consumer Affairs Victoria established the taskforce in 2022 to target unfair practices in the property market and to ensure fair access to buying a home.
Since its launch, the taskforce has received almost 4,000 complaints and has issued fines totalling $1.8million to real estate agents breaching underquoting laws.
Daily Mail Australia has contacted Nicholas Scott Real Estate for comment.