Two more Melbourne real estate agents have been fined for underquoting amid a crackdown by the State Government to stop the practice.

JRW Property International in Glen Waverley and Barry Plant Glenroy will pay a total of $120,000 for engaging in misleading and deceptive conduct over 13 properties they sold in Melbourne's outer east and north-west.

Consumer Affairs Minister Marlene Kairouz said in one case, a property was advertised for $400,000 below the vendor's reserve.

"It's quite misleading, it's against the law and underquoting can cause a lot of frustration for prospective buyers because we know that buying a house is a huge investment," she said.

"Victorians deserve to have accurate and transparent and reliable information to base their decisions on."

Ms Kairouz said JRW Property International was found to have contravened real estate laws with five properties — including advertising a home for $1.1 million despite the vendor's $1.5 million reserve price — and was forced to pay $75,000 to the Victorian Consumer Law Fund.

She said Barry Plant in Glenroy was found to have contravened property and consumer laws, including for quoting a Meadow Heights property for $50,000 below its $500,000 reserve, and was forced to pay the fund $45,000.

The two real estate agents will also have to put in place a compliance program that incudes training staff on the issue.

They will also be required to display a public notice of the infraction in their offices.

Ms Kairouz said real estate agents caught underquoting could face penalties of more than $31,000, and may also risk losing their commissions.

"From now on there's absolutely no excuse for real estate agents to be doing the wrong thing," she said.

Taskforce to ramp up for spring sales

Earlier this year, Consumer Affairs Victoria (CAV) launched legal action in the Federal Court against two real estate agencies in Balwyn and Doncaster over allegations of underquoting.

Ms Kairouz warned that CAV's taskforce investigating underquoting would ramp up again during the busy spring sales period.

"The vendor can always change their reserve price, right up to the auction, but it's about informing prospective buyers and ensuring that the prices that they set are a true reflection of the value of the property," she said.

"Agents cannot advertise a price range of more than 10 per cent.

"[They] are also banned from using qualifying words and symbols like 'offers above', 'from', or 'plus' because these advertising methods can be misleading to home buyers."

CAV launched Taskforce Vesta in 2015 and the regulator will soon launch an education campaign to help consumers understand their rights when it comes to underquoting.

Since the taskforce was launched, six cases of underquoting have ended up in courts and more than $285,000 has been paid in fines.