ACCC crackdown on real estate sector

The Australian Competition and Consumer Commission (ACCC) says the real estate industry has been put on notice.

An amendment to the Trade Practices Act is due to be further scrutinised by Federal Parliament next month.

It is proposing fines of more than $1 million for companies and up to $220,000 for individual agents that underquote, use dummy bidders at auctions and airbrush photos of properties.

By the looks of things, these changes will become law sometime next year.