New price-quoting rules ‘a significant step forward for industry’: REIV

New price-quoting rules ‘a significant step forward for industry’: REIV
New price-quoting rules ‘a significant step forward for industry’: REIV

Changes to price quoting announced by the government are a significant step forward and bring transparency and consistency to property transactions, the Real Estate Institute of Victoria said on Friday.

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 new rules will apply to residential private sales and auctions, not commercial.

REIV CEO Enzo Raimondo said the changes would benefit those looking to buy real estate in Victoria.

He added that the reforms would be effective in a variety of market conditions, and for all stakeholders in property transactions.

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

Raimondo said the reforms were the result of a joint effort by the REIV and the Office of the Minister for Consumer Affairs.

Tags: 
Residential Sales Housing Prices

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