The Real Estate Institute of Victoria has welcomed a state government crackdown on underquoting to protect first homebuyers. 

Minister for Consumer Affairs Marlene Kairouz said in a statement the new laws introduced into parliament today would hopefully go some way to give Victorian homebuyers a fair go.

REIV CEO Geoff White said something needed to be done.

He said while agents don’t always have a crystal ball, it was a step in the right direction.

‘We believe it gives more consistency and transparency to the process,’ he said.

As part of the legislation, agents will have to provide prospective buyers with a comprehensive analysis including three recent comparable sales, an indicative selling price, and the median price for the suburb when listing properties.

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