Consumer Affairs Victoria has fined two Melbourne real estate agencies $45,000 each for underquoting the sale prices of 13 residential properties between 2015 and 2016.

The properties were a mixture of houses and apartments in suburbs such as Altona North, Brooklyn, Footscray, Croydon and Wonga Park.

Consumer Affairs said O'Brien Real Estate Pty Ltd and its sole director Jerry Caleca were misleading and deceptive when they advertised sales prices of seven properties at values less than those agreed with the sellers.

No to underquoting in Victoria and NSW Fiona Morris

L & L Dardha Real Estate Pty Ltd trading as Hocking Stuart Yarraville did not correctly advertise estimated sales price or range as agreed with the vendors of the homes.

Victoria has been stepping up its penalties for underquoting - advertising a price that is less than what the vendor is willing to consider in a genuine offer in order to attract buyers.