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A Sydney real estate group has been cleared of any wrongdoing after being charged with underquoting in March last year.
In a statement, BresicWhitney told Real Estate Business on Friday that Parramatta Local Court had dismissed all of the charges against the group in relation to alleged underquoting.
“BresicWhitney is delighted with the decision and being cleared of any wrongdoing,” a company spokesperson said.
“The real estate industry is currently in a state of transition. Proud of our reputation and leadership position within it, BresicWhitney is committed to improving the real estate experience for the wider community.
“The section of the Act under which the charges were laid was replaced in January 2016. These changes have been positive in improving the standards of the real estate industry and the experience of consumers," they said.
BresicWhitney’s Darlinghurst office was charged with underquoting in March 2015. NSW Fair Trading served the court notices following investigations as part of Operation Belaya, which targeted inner-Sydney compliance in late 2014.
The regulator alleged BresicWhitney twice provided selling estimates that were less than the estimates in the agency agreements it signed with vendors.
The agency pleaded not guilty in July 2015.
[Related: NSW govt releases new underquoting guidelines]
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