Real Estate Agents Face Backlash After Secretly Purchasing Client’s Perth Property Below Market Value

A Perth homeowner discovered that the real estate agency handling his sale had covertly acquired his property through a related corporate entity for significantly less than its true worth. The incident has sparked scrutiny over fiduciary duties and transparency in Australian property transactions.

27 Aug, 06:31 — 27 Aug, 06:31

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Times of IndiaMostly Factual4d ago

Agents' company bought Perth home for $705,000; later valued at $800,000

A Perth homeowner says he was unaware that the real estate agents hired to sell his home also owned the company that bought it for $705,000. Chao “Jack” Wu later discovered the connection through corporate records and said he believed the property was undersold. A retrospective valuation put its value at $800,000, while the agents disputed the valuation and denied wrongdoing. Western Australia’s Consumer Protection issued a formal warning to the agency over an alleged conflict of interest.

By TOI REAL ESTATE DESK

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Real Estate Agents Face Backlash After Secretly Purchasing Client’s Perth Property Below Market Value

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Agents' company bought Perth home for $705,000; later valued at $800,000

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