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

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