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 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, which was established to investigate underquoting, examined sale campaigns and auctions in suburbs in Melbourne‘s north-east on Saturday.
It alleges Mr Skapoulas and his agency underquoted 11 properties and advertised ‘indicative selling price lower than the estimated selling price they’d given the seller’.
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
Mr Skapoulas and his agency will face the Victorian Civil and Administrative Tribunal at a later date.
Consumer Affairs Minister Nick Staikos said underquoting was a dishonest practice that often affects 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.
