Changes to price quoting laws when selling

Changes to price quoting have been announced by the Government. The changes will apply to residential – rather than rural or commercial – private sales and auctions.

Real Estate Institute of Victoria (REIV ) CEO Enzo Raimondo said that the changes would greatly benefit those looking to buy real estate in Victoria. Mr Raimondo also said that the reforms would be effective in a variety of market conditions, and for all stakeholders in property transactions.

The changes include:
•    Delivery of a new fact sheet for buyers, which will include recent comparable sales for a property, the median price for the suburb and, most importantly, the agent’s estimated sale price for the property;
•    The revision of the property’s estimated selling price – if the agent receives an offer, in writing, that is higher than the current advertised or estimated price;
•    No “offers over” or “price-plus” advertising to buyers – with the selling price only provided as either a single price, or a price range (which must fall within 10 per cent of the upper and lower end).

“The changes will provide consistency in pricing of property and the information provided to both vendors and buyers,” Mr Raimondo said.

The reforms were the result of a collaborative approach by the REIV and the Office of the Minister for Consumer Affairs.

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